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This quiz consists of 5 multiple choice and 5 short answer questions through Behind the Worldly Philosophy.

Multiple Choice Questions

1. What did the market system become known as?
(a) Capitalism.
(b) Populism.
(c) Marxism.
(d) Communism.

2. Who won a Nobel Prize for forcefully preaching the virtues of the free market?
(a) Karl Marx.
(b) Milton Friedman.
(c) John Kenneth Galbraith.
(d) John Maynard Keynes.

3. What year did the British Labor Movement begin?
(a) 1776.
(b) 1778.
(c) 1833.
(d) 1801.

4. 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) Phanlansteries.
(b) Capitalism.
(c) Benign socialism.
(d) Communism.

5. Leon Walras felt that math could be used to determine what?
(a) The equilibrium price of a good.
(b) The lowest price of a good.
(c) The profitable price of a good.
(d) The highest price of a good.

Short Answer Questions

1. Dr. Richard Price felt that the population had declined by how much?

2. It is the forces of ______ that make the market function according to Adam Smith. (fill in the blank)

3. By what year had crops reached near famine levels in England?

4. Adam Smith was a lecturer in what area?

5. What was detested by factory workers in the late 1700's?

(see the answer key)

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