#1
What is the title of Adam Smith's most famous work on economics?
The Wealth of Nations
The Invisible Hand
The Theory of Moral Sentiments
An Inquiry into the Nature and Causes of the Wealth of Nations
#2
In which century did Adam Smith live?
17th century
18th century
19th century
20th century
#3
Which country was Adam Smith a native of?
England
Scotland
France
United States
#4
Which year did Adam Smith's 'The Wealth of Nations' get published?
#5
What term is often used to describe the economic system advocated by Adam Smith?
Communism
Socialism
Mercantilism
Capitalism
#6
Which intellectual movement is often associated with the time of Adam Smith?
Romanticism
Enlightenment
Realism
Existentialism
#7
What is the term for the economic philosophy that emphasizes minimal government interference in the marketplace, a concept supported by Adam Smith?
Interventionism
Laissez-faire
Central planning
Protectionism
#8
What concept is often associated with Adam Smith's economic philosophy?
Communism
Capitalism
Socialism
Feudalism
#9
What is the 'Invisible Hand' in Adam Smith's economic theory?
Government intervention
Market forces guiding self-interest to promote the common good
Trade unions
Wealth redistribution
#10
What is the term used to describe Adam Smith's belief that individuals pursuing their own self-interest unintentionally contribute to the overall economic well-being?
Laissez-faire
Market equilibrium
Spontaneous order
Rational self-interest
#11
In Adam Smith's 'Theory of Moral Sentiments,' what is the role of sympathy in moral decision-making?
It is irrelevant
It is the sole determinant
It plays a supporting role
It contradicts moral decisions
#12
What does Adam Smith consider the primary function of government in a market economy?
Wealth redistribution
Maintaining law and order
Controlling prices
Directing economic activities
#13
In Adam Smith's economic theory, what is the 'division of labor'?
Equal distribution of wealth among citizens
Specialization of tasks to increase productivity
Government control of production
Collective ownership of means of production
#14
According to Adam Smith, what role does self-interest play in the market economy?
It hinders economic growth
It is irrelevant
It leads to the common good
It causes market failures
#15
Which university did Adam Smith attend?
Harvard University
University of Edinburgh
University of Oxford
University of Glasgow
#16
What does Adam Smith refer to as the 'invisible hand' in the context of market forces?
Government regulations
Consumer preferences
Natural disasters
Unseen market mechanisms guiding economic outcomes
#17
Which of the following is NOT a work written by Adam Smith?
The Wealth of Nations
The Invisible Hand
The Theory of Moral Sentiments
An Inquiry into the Nature and Causes of the Wealth of Nations
#18
Which occupation did Adam Smith hold before becoming a professor of moral philosophy?
Lawyer
Clergyman
Physician
Customs official
#19
Which Scottish Enlightenment thinker had a significant influence on Adam Smith's intellectual development?
David Hume
John Locke
Immanuel Kant
Thomas Hobbes
#20
What is the concept of the 'labour theory of value' associated with in Adam Smith's work?
Value determined by the amount of labor needed for production
Value determined by market demand
Value determined by government decree
Value determined by natural resources
#21
In 'The Wealth of Nations,' what does Adam Smith identify as a potential problem in markets?
Excessive government intervention
Lack of competition
Monopolies and cartels
Invisible hand failure