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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

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

2. What is the biggest danger facing a modern community?

3. Charles Fourier is classified as _________. (fill in the blank)

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

5. The early days of the industrial revolution resulted in workplace abuse, especially for ___________. (fill in the blank)

Short Essay Questions

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

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

3. Who was Count Henri de Rouvroy de Saint-Simone?

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

5. What was the market system?

6. What was New Lanark?

7. Why does Heilbroner find it strange that people don't know about the worldly philosophers?

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

9. What does Heilbroner say that economists provide?

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What did Keynes discover about what caused the business cycles, the alternating periods of prosperity and depression or boom and bust? What role does nervous hysteria play in these cycles?

Essay Topic 2

Use at least four of the worldly philosophers to discuss this statement: "History is basically the history of changes that take place in thinking and economics is basically a theory of historical movement."

Essay Topic 3

Why, even with all of the economic issues that confront society, are most economists not classified as worldly philosophers? Answer fully through the historical context of the great economic thinkers discussed in the book.

(see the answer keys)

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