Q 1. The author of the book "The Wealth of Nations is written" is:
(a) Adam Smith
(b) Karl Marx
(c) Max Weber
(d) None of the above

Ans: a) Adam Smith

Q 2. Smith supported the idea of a ‘free market’, that is, a market free from all kinds of regulation whether by the state or otherwise the name given to this idea was called as _____________.

Ans: laissez-faire

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Q 3. The french phrase laissez-faire that means __________or ________.

Ans: 'leave alone' , 'let it be'

Q 4. Marx understood capitalism as a system of _________________ production, or production for the market, through the use of wage labour.

Ans: commodity

Q 5.______________ occurs when things that were earlier not traded in the market become commodities.

Ans: Commodification

Q 6_____________, was among the first to point out that the goods that people buy and use are closely related to their status in society and termed it as status symbol.
a) Max Weber
b) Karl Marx
c) Adam Smith
d) None of the above

Ans: a) Max Weber

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Q 7.The _________ communities such as banias in North India, main occupation has been trade or commerce.
a) Vaisyas
b) Sindhis
c) Bohras
d) None of the above

Ans: a) Vaisyas