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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. In The Wealth of Nations, _________ are used as examples of how the market functions. (fill in the blank)
(a) Corn and wheat.
(b) Boots and hats.
(c) Rents and costs.
(d) Gloves and shoes.

2. "Each should do what was to his best monetary advantage" describes what system?
(a) Authority.
(b) Tradition.
(c) Market.
(d) Religion.

3. _________ is a manner of organizing society so all tasks are performed. (fill in the blank)
(a) Self-reliance.
(b) Tradition.
(c) Religion.
(d) Social compatibility.

4. Economists make order out of what, in Helibroner's opinion?
(a) The abyss.
(b) Money.
(c) Nothing.
(d) Social chaos.

5. The market system was compelled largely by what idea?
(a) Gain.
(b) Loss.
(c) Need.
(d) Work.

Short Answer Questions

1. Who failed to recognize the wealth creating ability of labor?

2. Eventually the market system evolved with its necessary factors of _________ for production. (fill in the blank)

3. What is the biggest danger facing a modern community?

4. Heilbroner says the work of economist is both exciting and _________. (fill in the blank)

5. In ancient society, there was no need for political economy or to see what made the economy function because it was all based on what?

(see the answer key)

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