I'm on OSX 10.10.2. Simply copy/pasting the line into both terminal and iterm yields

>>> [“Test”][‘Test’]
  File "<stdin>", line 1
    [“Test”][‘Test’]
          ^
SyntaxError: invalid character in identifier
>>> [“Test”][‘Test’]
  File "<stdin>", line 1
    [“Test”][‘Test’]
              ^
SyntaxError: invalid character in identifier

Are the smart quotes disappearing when the clipboard buffer is being copied into the terminal shell or when you hit enter? If it's on copy, what happens when you hit enter?