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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What kind of survival has man faced from the earliest days on?
(a) Economic.
(b) Marital.
(c) Social.
(d) Monetary.

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

3. Smith was a firm believer in _______________, or leave the market alone. (fill in the blank)
(a) Macroeconomics.
(b) Physiocracy.
(c) Agricracy.
(d) Laissez-faire.

4. Adam Smith defined wealth in terms of what?
(a) Goods.
(b) Produce.
(c) Land.
(d) Gold.

5. How many of the economists featured in the book made their own fortune?
(a) Seven.
(b) Three.
(c) Nine.
(d) Four.

Short Answer Questions

1. At what university was Adam Smith on the faculty?

2. Adam Smith was considered a non-conformist because he refused to do what before classes?

3. According to Mills, there would be a gradual disappearance of what?

4. What was detested by factory workers in the late 1700's?

5. Only because man is ___________ he has succeeded. (fill in the blank)

Short Essay Questions

1. What is the role of self-interest in the market place, according to Adam Smith?

2. What does Heilbroner say is the core of economics?

3. Why did economics not begin with Adam Smith as many people believe?

4. What factors determine a nation's wealth, according to Adam Smith?

5. What is the difference between markets and the market system?

6. How was English society divided at the time of Adam Smith?

7. What was the premise of Adam Smith's first book, The Theory of Moral Sentiments?

8. How did the Corn Laws benefit the landowners?

9. What was New Lanark?

10. What led to the introduction of a poor-relief bill and what did it encourage?

(see the answer keys)

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