Adam Smith and Economics QuizOnline version Test your knowledge about Adam Smith and his definition of economics with this quiz game! by Алсу Тагировна 1 What is the name of the economist who is often referred to as the father of modern economics? a John Maynard Keynes b Milton Friedman c Adam Smith d Karl Marx 2 According to Adam Smith, what is the main driving force behind economic growth? a Charitable donations b Government intervention c Luck d Self-interest 3 In Adam Smith's book 'The Wealth of Nations', he argued that the wealth of a nation is determined by what? a Natural resources b Productive labor c Gold reserves d Military power 4 Adam Smith believed that free markets are guided by an 'invisible hand' which leads to what outcome? a Government control b Market instability c Economic efficiency d Income equality 5 According to Adam Smith, what is the role of government in the economy? a Protect property rights and enforce contracts b Distribute wealth equally c Provide free healthcare d Control prices and wages 6 Adam Smith's concept of 'division of labor' refers to what? a Reducing the number of workers b Centralizing decision-making c Sharing profits equally d Breaking down production into specialized tasks 7 What term did Adam Smith use to describe the self-regulating nature of markets? a Protectionism b Communism c Laissez-faire d Socialism 8 Adam Smith argued that individuals pursuing their own self-interest in a free market ultimately benefit who? a Foreign investors b The wealthy elite c The government d Society as a whole 9 According to Adam Smith, what is the primary source of a nation's wealth? a Capital b Labor c Natural resources d Technology 10 Adam Smith's book 'The Theory of Moral Sentiments' focused on what aspect of human behavior? a Economic theory b Ethics and moral philosophy c Psychology d Political ideology
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