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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. Adam Smith was considered a non-conformist because he refused to do what before classes?
(a) Prepare.
(b) Dress.
(c) Pray.
(d) Lecture.

2. What did Heilbroner say was one of the factors bringing about the economic changes to a market system?
(a) The Industrial Revolution.
(b) The end of religion.
(c) The growth of factories.
(d) Foreign exploration.

3. The followers of Saint-Simone proposed an end to _________. (fill in the blank)
(a) Villages of Cooperation.
(b) Industrial production.
(c) Private property.
(d) Democracy.

4. Heilbroner describes a trial of a wealthy man before the church in Boston in what year?
(a) 1550.
(b) 1776.
(c) 1305.
(d) 1639.

5. Adam Smith left his university position to become a private tutor and traveled through which country?
(a) France.
(b) China.
(c) America.
(d) Russia.

Short Answer Questions

1. The second stop on Heilbroner's historical journey describes the number of markets visited by one man in 1550, in what country?

2. The fact that man is _________ makes survival difficult. (fill in the blank)

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

4. "Each should do what was to his best monetary advantage" describes what system?

5. Adam Smith was a lecturer in what area?

Short Essay Questions

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

2. Why did opponents of humanitarian legislation propose Smith's idea of laissez-faire?

3. What did most people in ancient societies aspire to?

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

5. What does Heilbroner say in his introduction that the worldly philosophers did "quietly and inconspicuously"?

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

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

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

9. What is the greatest danger to survival in an advanced society?

10. What was the cause of the creation of the labor class in England?

(see the answer keys)

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