#1
What is the title of Adam Smith's most famous work on economics?
The Wealth of Nations
ExplanationSmith's seminal work outlining principles of economics.
#2
In which century did Adam Smith live?
18th century
ExplanationSmith lived during the 18th century.
#3
Which country was Adam Smith a native of?
Scotland
ExplanationSmith hailed from Scotland.
#4
Which year did Adam Smith's 'The Wealth of Nations' get published?
1776
ExplanationThe year of publication for 'The Wealth of Nations'.
#5
What term is often used to describe the economic system advocated by Adam Smith?
Capitalism
ExplanationThe economic ideology endorsed by Smith.
#6
Which intellectual movement is often associated with the time of Adam Smith?
Enlightenment
ExplanationThe era characterized by reason and progress.
#7
What is the term for the economic philosophy that emphasizes minimal government interference in the marketplace, a concept supported by Adam Smith?
Laissez-faire
ExplanationHands-off approach to economic governance.
#8
What concept is often associated with Adam Smith's economic philosophy?
Capitalism
ExplanationSmith is synonymous with the ideology of capitalism.
#9
What is the 'Invisible Hand' in Adam Smith's economic theory?
Market forces guiding self-interest to promote the common good
ExplanationNatural market mechanisms aligning individual actions with societal benefit.
#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?
Spontaneous order
ExplanationEconomic harmony emerging from individual pursuits.
#11
In Adam Smith's 'Theory of Moral Sentiments,' what is the role of sympathy in moral decision-making?
It plays a supporting role
ExplanationSympathy aids in moral judgment without dominating it.
#12
What does Adam Smith consider the primary function of government in a market economy?
Maintaining law and order
ExplanationGovernment's role in ensuring societal order.
#13
In Adam Smith's economic theory, what is the 'division of labor'?
Specialization of tasks to increase productivity
ExplanationEnhancing efficiency through task specialization.
#14
According to Adam Smith, what role does self-interest play in the market economy?
It leads to the common good
ExplanationIndividual pursuit aligns with societal benefit.
#15
Which university did Adam Smith attend?
University of Glasgow
ExplanationSmith studied at the University of Glasgow.
#16
What does Adam Smith refer to as the 'invisible hand' in the context of market forces?
Unseen market mechanisms guiding economic outcomes
ExplanationImplicit market forces shaping economic results.
#17
Which of the following is NOT a work written by Adam Smith?
The Invisible Hand
ExplanationA work not authored by Adam Smith.
#18
Which occupation did Adam Smith hold before becoming a professor of moral philosophy?
Customs official
ExplanationSmith's prior profession before academia.
#19
Which Scottish Enlightenment thinker had a significant influence on Adam Smith's intellectual development?
David Hume
ExplanationHume's impact on Smith's philosophical outlook.
#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
ExplanationPrice derived from labor input in production.
#21
In 'The Wealth of Nations,' what does Adam Smith identify as a potential problem in markets?
Monopolies and cartels
ExplanationMarket distortions through monopolistic practices.