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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. The second stop on Heilbroner's historical journey describes the number of markets visited by one man in 1550, in what country?
(a) France.
(b) America.
(c) England.
(d) Germany.

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

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

4. What does Heilbroner think is strange about ancient civilizations?
(a) There were no rulers.
(b) There was no currency.
(c) There were no economists.
(d) There was no plan for survival.

5. The economist Adam Smith lived during which time period?
(a) The American Revolution.
(b) The Great Depression.
(c) The French Revolution.
(d) The American Gold Rush.

Short Answer Questions

1. Saint-Simone was a firm believer in _________. (fill in the blank)

2. Who started New Lanark?

3. Owen's idea called for the creation of _________. (fill in the blank)

4. The market system was compelled largely by what idea?

5. Malthus continued to work on his theory of population and the food supply and assumed that humans could double their number every _________. (fill in the blank)

Short Essay Questions

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

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

3. How did David Ricardo view society?

4. What does Heilbroner say that economists provide?

5. What is Adam Smith's Invisible Hand Theory?

6. How did Charles Fourier propose to reorganize the Earth he believed was characterized by chaos and unhappiness?

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

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

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

10. How does Heilbroner describe the nine economist in his introduction?

(see the answer keys)

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