chapter 13 section 4

Question 1

mercantilism is a theory based _____

Answer 1

on the world contained only a fixed amount of wealth

Question 2

that “wealth” is _____

Answer 2

gold

Question 3

Physiocrats believe that natural laws should govern ______

Answer 3

economic life

Question 4

Adam Smith published the ______ in 1776

Answer 4

the wealth of nations

Question 5

adam smith was the founder of _____

Answer 5

classical economics

Question 6

law of supply and demand governed

Answer 6

all business and economic activity

Question 7

prices and profits depend on _____

Answer 7

both the amount of available goods and demand for goods

Question 8

government should not interfere with the operations of business

Answer 8

Laissez-Faire

Question 9

economic forces worked automatically and naturally

Answer 9

free enterprise

Question 10

Thomas Malthus published the essay _______

Answer 10

principle of a population

Question 11

people multiply more rapidly

Answer 11

than food supply increases

Question 12

david ricardo published

Answer 12

principles of political economy and taxation

Question 13

the iron law of wages says that
labor is scarce = ______
population grows=more workers=________

Answer 13

wages rise

lower wages

Question 14

new social science of economics

Answer 14

dismal science

Question 15

people who work to improve the conditions of others

Answer 15

humanitarianism

Question 16

Jeremy Bentham said that the law is useful if it _________

Answer 16

benefits the greatest number of people

Question 17

John Stuart Mill argued that government should

Answer 17

work for the good of the citizen

Question 18

labor union’s objectives

Answer 18

better wages

better conditions

Question 19

at first workers associations

Answer 19

were considered illegal

Question 20

combination acts said that

Answer 20

workers who came together to protest could be imprisoned

Question 21

management and union representatives met together and discussed wages, hours, and working conditions.

Answer 21

collective bargaining