Adam Smith Father of Capitalism

Which condition would lead to the highest prices?

• Low supply, high demand

• High supply, high demand

• High supply, low demand

• Low supply, low demand

What is the amount of goods or services available is called?

• supply

• demand

• producer

• consumer

A product called "Smencils" is being sold online. There are only a few packs left and they are very popular. What will the price do?

• The price will go up.

• The price will go down.

This social class grew during the Industrial Revolution. 

• Lower Class
• Middle Class
• Upper Class
• None grew

The definition of laissez-faire literally means...

• natural rights

• iron law of wages

• let it happen

• tabula rasa

Adam Smith attacked this economic theory that meant one's power was based on one's wealth...

• Capitalism
• Socialism
• Mercantilism
• Communism 

Smith believed that the economy operated according to three natural laws involving this concept...

• self-interest
• compassion
• citizenship
• trustworthiness 

The one are that Adam Smith believed that the government should NOT be involved:

• military

• property

• business

• nothing at all

All of the following are negative effects of laissez-faire economics EXCEPT...

• wealthy nation
• child labor
• city slums
• neglected education 

"Wealth of Nations" a book by Adam Smith pushed the importance of

• tradition

• supply and demand

• large corporations

• government ownership