Adam Smith

Adam Smith's major work was called
1. The Invisible Hand
2. The Wealth of Nations
3. The British Economy
4. Calculating Wealth in the British Empire
Which Theory Existed before Adam Smith?
1. Socialism
2. Conservatism
3. Capitalism
4. Mercantalism
Adam Smith's 'The Wealth of Nations' was published in
1. 1826
2. 1764
3. 1874
4. 1776
Mercantalism is considered to be
1. That wealth is created by exporting more goods than you import
2. That wealth is measured by production minus imports
3. The size of total wealth remains the same; some gain more of it while others lose the same amount
4. The wealth created by industry
Adam Smith thought that
1. Industrial production introduced the concept of added value
2. Industrial production was similar to agricultural production
3. Industrial production was better than agricultural production
4. Industrial production could not be compared to agricultural production
The factors of production are
1. Factories and labour
2. Steam power, raw materials and labour
3. Raw materials and industry
4. Land, labour and capital
Adam Smith defines 'Capital' as
1. The money needed to finance industry
2. The investment of money into the sources of production
3. The machines and labour necessary to produce goods
4. Anything that can provide added value that isn't land or labour
The video compares which two countries in terms of agricultural land?
1. France and England
2. Ireland and Germany
3. China and England
4. The USA and China
After an agricultural economy, then industrial economy, what comes next?
1. A service industry
2. A digital industry
3. A mixed economy
4. An artificial intelligence economy
Which example of productivity did Adam Smith use?
1. Making a chair
2. Making a tractor
3. Making a pin
4. Building a house
AdamSmith thought that trade should be based on
1. currency exchange rates
2. education of the labour force
3. labour rates
4. specialisation
Adam Smith thought that the role of government was to
1. Ensure security for its citizens
2. Control the flow of capital
3. Ensure the maintenance of a free market
4. Look after the poorest members of society

Adam Smith

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