Morality in the Marketplace

Adam Smith was not just an economist, he was a

• Scottish ruler.

• famous sailor.

• magazine publisher.

• moral philosopher.

Adam Smith developed the idea of the

• impractical spokesman.

• impractical jokers.

• impartial spectator.

• impartial supervisor.

Like language, morality developed through

• human design.

• careful planning.

• government regulations

• human action.

People cooperating with each other led to the establishment of

• society.

• war.

• crime.

• language.

When faced with moral dilemmas, the fictitious person within us is our

• moral compass.

• cutthroat conscience.

• mission statement.

• stakeholder.

Adam Smith wrote about morality and markets in his book, ___________.

• Morality and You

• Morality in the Marketplace

• The Theory of Moral Sentiments

• Go Quietly or Else

Businesses are more likely to be successful when ____________.

• governments regulate them to ensure competition

• they adopt the moral ideas that Adam Smith wrote about

• the “invisible hand” works to limit greed

• they make greater profits by producing their products in other countries

According to Johan Norberg, the more ____________________ business people are, the better

the company performance.

• cutthroat

• serious

• ethical

• philosophical

The difference between “human action” and “human design” is ______________.

• the existence of a top down plan

• the involvement of individual companies

• natural rights

• the expectation that workers will not go on strike

Adam Smith believed that ____________________ should drive markets, determining what is produced, for whom, and how goods are produced and distributed.

• political leaders

• individual choice

• government regulators

• big banks