Adam Smith and the US Economy Quiz

Created by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Sophia Smith
Sophia Smith, Quiz Creator
Sophia is a skilled quiz creator at ProProfs.com, known for her engaging and innovative quizzes. Her enthusiasm for learning and creativity results in quizzes that are both fun and educational. Sophia's dedication to excellence ensures that users always have a top-notch experience with her interactive content.
Quizzes Created: 1083 | Total Attempts: 3,548,751
| Attempts: 53
SettingsSettings
Please wait...
  • 1/10 Questions

    Adam Smith wrote his economic theories in a book titled __________.

    • The Wealth of Nations
    • The Future of Capitalism
    • The Wealth of The New World
    • The History of Market Economics
Please wait...
About This Quiz

Do you know about Adam Smith's philosophies on the US economy? Take this Adam Smith and the US economy quiz to see what all you know. Here, we have curated a few questions on Adam Smith's philosophies on the US economy. Give this a quiz and try to pick the maximum correct answers. All the best for a perfect score. You can also share the quiz with others interested in the US economy.

Adam Smith And The US Economy Quiz - Quiz

Quiz Preview

  • 2. 

    A __________ is an agreement between two or more people or parties.

    • Monopoly

    • Contract

    • Security

    • Dialogue

    Rate this question:

  • 3. 

    Adam Smith is regarded as the father of __________.

    • Marxism

    • Mixed market economics

    • Modern economics

    • The socialist movement

    Rate this question:

  • 4. 

    Which type of economic system did Adam Smith believe could provide for society's needs?

    • Mixed

    • Market

    • Traditional

    • Command

    Rate this question:

  • 5. 

    In a Laissez-Faire economy, government involvement is __________.

    • Encouraged

    • Limited

    • Necessary

    • Nonexistent

    Rate this question:

  • 6. 

    A laissez-faire government approach to the economy is based on the ideas of __________.

    • Capitalism

    • Communism

    • Traditionalism

    • Socialism

    Rate this question:

  • 7. 

    Each of the following is necessary for Adam Smith's concept of an invisible hand guiding the marketplace, except:

    • Competition

    • Consumers

    • Government

    • Producers

    Rate this question:

  • 8. 

    Adam Smith believed that the invisible hand would enable the economy to be __________.

    • Socially structured

    • Government regulated

    • Permanently stabilized

    • Self-regulated

    Rate this question:

  • 9. 

    The invisible hand is created when __________ and __________ work together.

    • Specialization and self-interest

    • Self-interest and competition

    • Specialization and competition

    • Confidence and economic freedom

    Rate this question:

  • 10. 

    The term Laissez-Faire literally means __________.

    • Leave them alone

    • Give them choices

    • Give them freedom

    • Let them act

    Rate this question:

Quiz Review Timeline (Updated): Aug 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 06, 2022
    Quiz Created by
    Sophia Smith
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.