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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. What did all of the these economists do?
(a) Wrote a book.
(b) Influenced a king.
(c) Died penniless.
(d) Never married.

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

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

4. Who started New Lanark?
(a) Robert Owen.
(b) Count Henri de Rouvroy de Saint-Simone.
(c) Charles Fourier.
(d) The Duke of York.

5. _________ is concerned with finding some reason for the cosmos. (fill in the blank)
(a) Religion.
(b) Natural Theology.
(c) Moral Philosophy.
(d) Ethics.

6. Adam Smith was a lecturer in what area?
(a) Religious Science.
(b) Moral Philosophy.
(c) Religion.
(d) Economic Philosphy.

7. Where was Adam Smith educated?
(a) Oxford.
(b) Harvard.
(c) University of Glasgow.
(d) University of England.

8. _________ was based on true wealth only being created in agriculture. (fill in the blank)
(a) Physiocracy.
(b) Macroeconomics.
(c) Agricracy.
(d) Laissez-faire.

9. In what year did Reverend Thomas Robert Malthus publish "An Essay on the Principle of Population as it Affects the Future Improvement of Society"?
(a) 1776.
(b) 1813.
(c) 1801.
(d) 1798.

10. Owen's idea was totally contrary to the doctrine of _________. (fill in the blank)
(a) Democracy.
(b) Physiocracy.
(c) The Law of Accumulation.
(d) Laissez-faire.

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

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

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

14. Dr. Richard Price felt that the population had declined by how much?
(a) 30%.
(b) 10%.
(c) 20%.
(d) 50%.

15. It is the forces of ______ that make the market function according to Adam Smith. (fill in the blank)
(a) Nature.
(b) Wealth.
(c) Gold.
(d) Competition.

Short Answer Questions

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

2. The fact that man is _________ makes survival difficult. (fill in the blank)

3. Malthus continued to work on his theory of population and the food supply and assumed that humans could double their number every _________. (fill in the blank)

4. Adam Smith left his university position to become a private tutor and traveled through which country?

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

(see the answer keys)

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