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This quiz consists of 5 multiple choice and 5 short answer questions through The Wonderful World of Adam Smith.

Multiple Choice Questions

1. Heilbroner says the work of economist is both exciting and _________. (fill in the blank)
(a) Dangerous.
(b) Controversial.
(c) Boring.
(d) Inconsequential.

2. Smith was a firm believer in _______________, or leave the market alone. (fill in the blank)
(a) Macroeconomics.
(b) Agricracy.
(c) Physiocracy.
(d) Laissez-faire.

3. Assigning tasks by command to ensure that all necessary tasks are performed is what type of system?
(a) Market.
(b) Authority.
(c) Tradition.
(d) Religion.

4. _________ is a manner of organizing society so all tasks are performed. (fill in the blank)
(a) Religion.
(b) Social compatibility.
(c) Self-reliance.
(d) Tradition.

5. In ancient society, there was no need for political economy or to see what made the economy function because it was all based on what?
(a) Religion.
(b) Custom and tradition.
(c) Markets.
(d) Money and taxes.

Short Answer Questions

1. What took care of early man's inner conflict between himself and the group?

2. What helped bring an end to the religiousness of the population in Europe?

3. Adam Smith was considered a non-conformist because he refused to do what before classes?

4. At what university was Adam Smith on the faculty?

5. What theory explains that higher wages will call forth more workers because higher wages result in better living conditions and lower mortality figures?

(see the answer key)

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