Famous Personality GK MCQ Questions on ‘Adam Smith’. Here we have given total 20 Quiz, very important for students.
1) Adam Smith is often regarded as the father of:
A) Communism
B) Capitalism
C) Socialism
D) Feudalism
Answer – B) Capitalism
2) Adam Smith’s most influential work is:
A) “The Wealth of Nations”
B) “The Communist Manifesto”
C) “Das Kapital”
D) “The Social Contract”
Answer – A) “The Wealth of Nations”
3) In “The Wealth of Nations,” Smith introduced the concept of the:
A) Invisible hand
B) Iron curtain
C) Command economy
D) Collective bargaining
Answer – A) Invisible hand
4) According to Adam Smith, individuals pursuing their own self-interest unintentionally contribute to the overall economic well-being of society. This concept is known as:
A) Rationalization
B) Altruism
C) Laissez-faire
D) Invisible hand
Answer – D) Invisible hand
5) Adam Smith was a Scottish economist and philosopher born in:
A) England
B) Scotland
C) France
D) Germany
Answer – B) Scotland
6) Smith’s theory of the division of labor is prominently discussed in which of his works?
A) “The Wealth of Nations”
B) “The Theory of Moral Sentiments”
C) “An Inquiry into the Nature and Causes of the Wealth of Nations”
D) “A Treatise on Human Nature”
Answer – C) “An Inquiry into the Nature and Causes of the Wealth of Nations”
7) Adam Smith’s first major work, focusing on ethics and moral philosophy, is:
A) “The Wealth of Nations”
B) “An Inquiry into the Nature and Causes of the Wealth of Nations”
C) “The Theory of Moral Sentiments”
D) “A Treatise on Human Nature”
Answer – B) “An Inquiry into the Nature and Causes of the Wealth of Nations”
8) Smith argued that individuals acting in their own self-interest unintentionally contribute to the overall wealth of society through the mechanism of:
A) Central planning
B) Collective bargaining
C) Market forces
D) Government intervention
Answer – C) Market forces
9) According to Adam Smith, the primary role of government in the economy should be:
A) Central planning
B) Regulation of markets
C) Wealth redistribution
D) Laissez-faire
Answer – D) Laissez-faire
10) Adam Smith’s concept of “comparative advantage” is integral to the understanding of:
A) Labor unions
B) International trade
C) Command economies
D) Protectionist policies
Answer – B) International trade
11) Smith’s view on the role of government in defense, justice, and public infrastructure is often summarized as the:
A) Welfare state
B) Night-watchman state
C) Interventionist state
D) Totalitarian state
Answer – B) Night-watchman state
12) Adam Smith was a contemporary of which other influential philosopher known for his work on political philosophy?
A) John Locke
B) Karl Marx
C) Jean-Jacques Rousseau
D) Thomas Hobbes
Answer – C) Jean-Jacques Rousseau
13) Adam Smith’s “invisible hand” metaphor emphasizes the unintended positive consequences of individuals pursuing their own interests in a free market. True/False?
Answer- True
14) The publication year of Adam Smith’s “The Wealth of Nations” is:
A) 1776
B) 1789
C) 1804
D) 1820
Answer – A) 1776
15) In “The Wealth of Nations,” Adam Smith distinguished between two types of value: value in use and:
A) Barter value
B) Exchange value
C) Labor value
D) Capital value
Answer – B) Exchange value
16) According to Smith, the “invisible hand” works most effectively in a system characterized by:
A) Mercantilism
B) Protectionism
C) Free markets
D) Feudalism
Answer – C) Free markets
17) Adam Smith’s work laid the foundation for the economic theory of:
A) Keynesianism
B) Marxism
C) Neoliberalism
D) Socialism
Answer – C) Neoliberalism
18) Smith’s ideas greatly influenced the development of which economic school of thought?
A) Classical economics
B) Keynesian economics
C) Austrian economics
D) Behavioral economics
Answer – A) Classical economics
19) Adam Smith’s concept of the “invisible hand” has been interpreted to emphasize the importance of individual self-interest in promoting overall societal well-being. True/False?
Answer- True
20) The famous quote from Adam Smith’s “The Wealth of Nations” is often cited: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their”:
A) Greed
B) Self-love
C) Self-interest
D) Charity
Answer – C) Self-interest