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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

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

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

3. It is the forces of ______ that make the market function according to Adam Smith. (fill in the blank)
(a) Competition.
(b) Nature.
(c) Gold.
(d) Wealth.

4. According to Ricardo, which class was the only class in English society which could benefit from its hold on grain prices?
(a) Agricultural.
(b) Landholding.
(c) Poverty.
(d) Industial.

5. Eighteenth-century England thought the population to be somewhere around 5.5 million people, and it was not expected to double for approximately how many years?
(a) Six hundred years.
(b) Two hundred years.
(c) Five hundred years.
(d) Seven hundred years.

6. Heilbroner begins the book by saying it is limited to a small number of men who did more for history with _________ than famous men did. (fill in the blank)
(a) War.
(b) Theories.
(c) Wealth.
(d) Power.

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

8. Assigning tasks by command to ensure that all necessary tasks are performed is what type of system?
(a) Religion.
(b) Tradition.
(c) Market.
(d) Authority.

9. 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?
(a) Money and taxes.
(b) Markets.
(c) Religion.
(d) Custom and tradition.

10. Dr. Richard Price felt that the population had declined by how much?
(a) 30%.
(b) 10%.
(c) 50%.
(d) 20%.

11. Adam Smith was a lecturer in what area?
(a) Religion.
(b) Economic Philosphy.
(c) Religious Science.
(d) Moral Philosophy.

12. What year did Ricardo die?
(a) 1901.
(b) 1834.
(c) 1823.
(d) 1924.

13. What year was The Wealth of Nations published?
(a) 1776.
(b) 1723.
(c) 1758.
(d) 1759.

14. According to Malthus, the size of the population is limited by what?
(a) Production.
(b) Food supply.
(c) Land.
(d) Wealth.

15. What was Ricardo's job?
(a) Researcher.
(b) Stockbroker.
(c) Professor.
(d) Landlord.

Short Answer Questions

1. What does Heilbroner think is strange about ancient civilizations?

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

3. Where was Adam Smith educated?

4. By what decade was Malthus proved wrong?

5. At the beginning of the 1800's, England had two strong classes emerge; an _________ class and an agricultural class. (fill in the blank)

(see the answer keys)

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