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Number 1. What is Laissez-faire economics?             

Correct Answer: No governmental intervention in economic affairs.

Number 2. Who was a member of 19th Century society who most likely supported Laissez-faire?   

Correct Answer: Adam Smith, David Ricardo, Thomas Malthus or any middle class industrialist

Number 3. Who was the author of the Wealth of Nations?

Correct Answer: Adam Smith

Number 4. What is the main idea of the Wealth of Nations?              

Correct Answer: Classical economics or the law of supply and demand

Number 5. Which work did Thomas Malthus write?               

Correct Answer: Essay on the Principles of Population

Number 6. How did Malthus explain the “persistence of poverty” in society?            

Correct Answer: Population will increase faster than the food supply.

Number 7. Who introduced the reformist idea of Utilitarianism to society?

Correct Answer: Jeremy Bentham

Number 8. What is Utilitarianism?  

Correct Answer: gov intervenes for disadvantaged-greatest good for the greatest number.

Number 9. Who set up utopian societies in New Lanark, Scotland and New Harmony, Indiana?

Correct Answer: Robert Owen

Number 10. Who was the author of the Communist Manifesto?        

Correct Answer: Karl Marx