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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. Mill's book pointed out that the true province of economic law was production, not _________. (fill in the blank)
(a) Factories.
(b) Wages.
(c) Profits.
(d) Distribution.

2. Who failed to recognize the wealth creating ability of labor?
(a) Quesnay.
(b) Locke.
(c) Smith.
(d) Hume.

3. At what university was Adam Smith on the faculty?
(a) Oxford.
(b) Harvard.
(c) University of England.
(d) University of Glasgow.

4. What is the biggest danger facing a modern community?
(a) Economics.
(b) Human predictability.
(c) Excommunication.
(d) Human unpredictability.

5. What kind of survival has man faced from the earliest days on?
(a) Monetary.
(b) Social.
(c) Economic.
(d) Marital.

Short Answer Questions

1. Where was Adam Smith educated?

2. _________ is a manner of organizing society so all tasks are performed. (fill in the blank)

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

4. According to Malthus, how did nature control the resources of the world?

5. What did the market system become known as?

Short Essay Questions

1. What was the premise of Malthus's An Essay on the Principle of Population as it Affects the Future Improvement of Society?

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

3. Why did opponents of humanitarian legislation propose Smith's idea of laissez-faire?

4. What was the market system?

5. What is the difference between markets and the market system?

6. What was New Lanark?

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

8. What does Heilbroner say in his introduction that the worldly philosophers did "quietly and inconspicuously"?

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

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

(see the answer keys)

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