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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. What was the length of the common workday during the early days of the Industrial Revolution?

2. What is production dependent upon?

3. By what decade was Malthus proved wrong?

4. The economist Adam Smith lived during which time period?

5. What did the market system become known as?

Short Essay Questions

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

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

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

4. What does Heilbroner say that economists provide?

5. What was the mission of the Grand National labor union?

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

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What role did imperialism play in permanently altering capitalism? What did imperialism ultimately lead to? What impact did that have on modern economic theories?

Essay Topic 2

Explain from a historical standpoint how the market system came into existence. Include specific dates, events, etc. to support your explanation.

Essay Topic 3

Why did Keynes think business cycles had to be countered by government intervention? What did he call this and what did he propose governments do? How did this vary from Adam Smith's views?

(see the answer keys)

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