Adam Smith and Capitalism Quiz

Where was Adam Smith born?

• Aberdeen

• Glasgow

• Edinburgh

• Kirkcaldy

What was Adam Smith's underlying ambition?

• To make nations and people happier

• To become a famous philosopher

• To accumulate wealth

• To conquer new territories

What did Adam Smith observe about modern businesses?

• Tasks were not profitable to split

• Tasks were too complex to be split

• Tasks could only be done by one person in a single day

• Tasks could be split into many tasks carried out by multiple people

What did Adam Smith believe was the problem with specialisation?

• Lack of resources

• Lack of efficiency

• Lack of profit

• Lack of meaning

What did Adam Smith defend consumer capitalism for?

• Generating surplus wealth to look after the weakest members of society

• Creating luxury goods for the rich

• Promoting frivolous spending

• Encouraging material greed

What did Adam Smith hope for the future of capitalism?

• Ignoring the higher needs of humans

• Generating profits from goods and services that deliver true fulfillment

• Staying stuck at the frivolous level forever

• Focusing only on basic material needs

What did Adam Smith propose as an alternative to raising taxes on the rich?

• Forcing the rich to flee the country

• Giving the rich plenty of honor and status in return for doing good things

• Imposing high taxes on the rich

• Making the rich feel guilty

According to Adam Smith, who is primarily responsible for degrading the world?

• The environment

• Our appetites

• Big corporations

• The government

What does the reform of capitalism hinge on, according to Adam Smith?

• The regulation of big corporations

• The education of the consumer

• The expansion of consumer choices

• The increase in government control

What issue was Adam Smith interested in that has become a leading priority of our times?

• Maximizing corporate profits

• Expanding global trade

• Minimizing government intervention in the economy

• Creating an economy that is profitable and civilized