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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. The first stop on Heilbroner's description of how economists became necessary to society is France in what year?
(a) 1630.
(b) 1776.
(c) 1550.
(d) 1305.

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

3. What year did Ricardo die?
(a) 1823.
(b) 1901.
(c) 1834.
(d) 1924.

4. Eventually the market system evolved with its necessary factors of _________ for production. (fill in the blank)
(a) Traditions.
(b) Land, factories, and capital.
(c) Religion, custom, and authority.
(d) Land, labor, and capital.

5. What describes how investment can lead to greater output?
(a) Law of Economics.
(b) Law of Accumulation.
(c) Law of Population.
(d) Law of Assimilation.

Short Answer Questions

1. John Stuart Mill's book was written when he was in his forties. What is the name of the book?

2. At the beginning of the 1800's, England had two strong classes emerge; an _________ class and an agricultural class. (fill in the blank)

3. What are economists considered by the rules of schoolboy history books?

4. Smith was a firm believer in _______________, or leave the market alone. (fill in the blank)

5. 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)

Short Essay Questions

1. What is the greatest danger to survival in an advanced society?

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

3. What was the market system?

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

5. How did David Ricardo view society?

6. What was the premise of Adam Smith's first book, The Theory of Moral Sentiments?

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

8. What does Heilbroner say that economists provide?

9. Why was Ricardo against the Corn Laws?

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

(see the answer keys)

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