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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Where was Adam Smith educated?

2. What year did the British Labor Movement begin?

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

4. What describes how investment can lead to greater output?

5. Eventually the market system evolved with its necessary factors of _________ for production. (fill in the blank)

Short Essay Questions

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

2. How did Ricardo and Malthus differ in their views?

3. Why does Heilbroner find it strange that people don't know about the worldly philosophers?

4. What was Owen's idea to combat poverty?

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

6. How did the Corn Laws benefit the landowners?

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

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

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

10. Why did economics not begin with Adam Smith as many people believe?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Explain from a historical standpoint how the market system came into existence. Include specific dates, events, etc. to support your explanation.

Essay Topic 2

Discuss in detail the two themes put forth in Adam Smith's Wealth of Nations.

Essay Topic 3

How did Marx and Keynes each "exert the profoundest influence on the philosophy of the capitalist system"?

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