Which of the following is NOT one of Adam Smith's Laws of Economics?
- Law of Self-interest
- Law of Supply & Demand
- Law of Equality
PRACTICE for TEST M15 L4: Reforming the Industrial World

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1.
FLASHCARD QUESTION
Front
Back
Law of Equality
Answer explanation
The Law of Equality is not one of Adam Smith's Laws of Economics. The correct laws include the Law of Self-interest and the Law of Supply & Demand, which focus on individual motivations and market dynamics.
2.
FLASHCARD QUESTION
Front
According to Adam Smith, a free market economy works best when it is driven by this natural law of economics: competition.
Back
competition
Answer explanation
According to Adam Smith, competition is the driving force of a free market economy. It fosters innovation and efficiency, leading to better products and services, which ultimately benefits consumers.
3.
FLASHCARD QUESTION
Front
According to Karl Marx, the final stage of human history will be a society without government or social class, which he called
Back
communism
Answer explanation
According to Karl Marx, the final stage of human history is communism, a classless and stateless society where the means of production are communally owned, eliminating the need for government and social classes.
4.
FLASHCARD QUESTION
Front
Thomas Malthus, who was alarmed about rapid population growth, predicted which of the following?
Back
resources and food would become scarce, causing terrible living conditions and conflicts.
Answer explanation
Thomas Malthus predicted that rapid population growth would lead to scarcity of resources and food, resulting in poor living conditions and potential conflicts, making this the correct choice.
5.
FLASHCARD QUESTION
Front
According to socialists, the solution to poverty and injustice was
Back
shared ownership by the people of the means of production.
Answer explanation
According to socialists, poverty and injustice stem from unequal ownership of resources. They advocate for shared ownership of the means of production, ensuring that wealth and power are distributed more equitably among the people.
6.
FLASHCARD QUESTION
Front
Jeremy Bentham, a Utilitarian (Utilitarian Philosophy) reformer, believed that laws should be judged by their usefulness and benefit to the greatest number of people.
Back
laws should be judged by their usefulness and benefit to the greatest number of people.
Answer explanation
Jeremy Bentham's Utilitarian philosophy emphasizes that laws should be evaluated based on their ability to promote the greatest happiness for the greatest number, making the correct choice about judging laws by their usefulness.
7.
FLASHCARD QUESTION
Front
Karl Marx argued that history was advanced by the conflict between
Back
social classes
Answer explanation
Karl Marx believed that history progresses through the struggle between social classes, particularly the conflict between the bourgeoisie and the proletariat, making 'social classes' the correct answer.
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