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WorksheetsAdam Smith & Laissez-Faire Capitalism
Total questions: 10
Worksheet time: 6mins
Name
Class
Date
1.
This social class grew during the Industrial Revolution.
a)
Lower Class
b)
Middle Class
c)
Upper Class
d)
None grew
2.
Laissez-faire means...
a)
natural rights
b)
iron law of wages
c)
let it happen
d)
tabula rasa
3.
Who developed laissez-faire economics as a en economic philosophy?
a)
Adam Smith
b)
Karl Marx
c)
John Locke
d)
Louis XVI
4.
Adam Smith attacked this economic theory that meant one's power was based on one's wealth...
a)
Capitalism
b)
Socialism
c)
Mercantilism
d)
Communism
5.
Smith believed that the economy operated according to three natural laws involving this concept...
a)
self-interest
b)
compassion
c)
citizenship
d)
trustworthiness
6.
While Adam Smith believed that the government should be involved in all of the following areas EXCEPT:
a)
military
b)
property
c)
business
d)
nothing at all
7.
Who argues that if workers were paid more, they would have more children 7 create a surplus of labor that would result in the poverty of all workers?
a)
Adam Smith
b)
Karl Marx
c)
Richard Arkwright
d)
David Ricardo
8.
All of the following are negative effects of laissez-faire economics EXCEPT...
a)
wealthy nation
b)
child labor
c)
city slums
d)
neglected education
9.
All of the following are factors of production EXCEPT:
a)
Land
b)
Labor
c)
Capital
d)
Technology
10.
During our experiential, the students who were playing rock, paper, scissors symbolized what factor of production?
a)
Land
b)
Labor
c)
Capital
d)
Entrepenuership
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