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This quiz consists of 5 multiple choice and 5 short answer questions through The Wonderful World of Adam Smith.

Multiple Choice Questions

1. What theory explains that higher wages will call forth more workers because higher wages result in better living conditions and lower mortality figures?
(a) Law of Assimilation.
(b) Law of Economics.
(c) Law of Population.
(d) Law of Accumulation.

2. Heilbroner believes economists wield power greater than _________. (fill in the blank)
(a) God.
(b) Kings.
(c) Sword and scepter.
(d) Armies.

3. Who failed to recognize the wealth creating ability of labor?
(a) Smith.
(b) Quesnay.
(c) Locke.
(d) Hume.

4. Most of the featured economists could never master _________. (fill in the blank)
(a) Wall Street.
(b) Their personal finances.
(c) Their personal lives.
(d) The social world.

5. Heilbroner says the work of economist is both exciting and _________. (fill in the blank)
(a) Controversial.
(b) Dangerous.
(c) Boring.
(d) Inconsequential.

Short Answer Questions

1. The new philosophy of survival with the market system brought with it what new social problem?

2. What is the most worldly of all man's activities, according to Heilbroner?

3. Heilbroner says through his book, the reader has embarked on _________. (fill in the blank)

4. Adam Smith left his university position to become a private tutor and traveled through which country?

5. What did all of the these economists do?

(see the answer key)

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