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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. One of the featured economists was never more than what?
(a) An insurance salesman.
(b) A traveling salesman.
(c) A drunk.
(d) A hack.

2. Owen's idea called for the creation of _________. (fill in the blank)
(a) Villages of Cooperation.
(b) Mobs and protests.
(c) Democratic governments.
(d) More mills.

3. The mistakes of economist are nothing short of _________. (fill in the blank)
(a) Inconsequential.
(b) Calamitous.
(c) Rare.
(d) Impossible.

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

5. In Mills' model, wages would rise as a result of accumulation of capital. Eventually, the accumulation process would come to an end and enter what stage?
(a) Capitalism.
(b) Communism.
(c) Phanlansteries.
(d) Benign socialism.

Short Answer Questions

1. What kind of survival has man faced from the earliest days on?

2. The first stop on Heilbroner's description of how economists became necessary to society is France in what year?

3. What did the market system become known as?

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

5. How many years did it take Adam Smith to finish The Wealth of Nations?

Short Essay Questions

1. What were the beliefs of the Saint-Simonians?

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

3. What is the proof that there is not a perfect solution to man's survival?

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

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

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

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

8. How did David Ricardo view society?

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

10. What was Owen's idea to combat poverty?

(see the answer keys)

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