|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Where was Joseph Schumpeter educated?
(b) University of Chicago.
(c) University of Vienna.
2. What did Marx's father hope he would study?
3. Henry George's favorite idea was called __________. (fill in the blank)
(a) Villages of Cooperation.
(b) Taxation without representation.
(c) The big tax.
(d) The single tax.
4. Henry George's views were published in his book called __________. (fill in the blank)
(a) The Wealth of Nations.
(b) Progress and Poverty.
(c) The Condition of the Working Class.
(d) Principles of Political Economy.
5. What nationality was Veblen's family?
6. Having spent some time in South Africa, Hobson returned to England and wrote what book?
7. Who presented his theory of economics in Calculus of Pleasure and Pain?
(a) Frederic Bastiat.
(b) Francis Ysidro Edgeworth.
(c) Stanley Jevrons.
(d) Leon Walras.
8. What were the economic thinkers of the Victorian period known as?
(b) Political economists.
(c) The underground of economics.
9. Hobson's views fit right into the views of whom?
10. Schumpeter presents his views about the 1930's in his book called __________. (fill in the blank)
(a) Poor Economics.
(c) Business Cycles.
(d) The Great Depression.
11. Critics of Edgeworth pointed to ____________ as evidence that man did not always act on his own behalf. (fill in the blank)
(a) Trade unions.
(c) Labor laws.
12. How does Schumpeter approach economics in a unique way in his book?
(a) He looks at an economy with great economic growth.
(b) He looks at an economy without any economic growth.
(c) He looks at an economy without any imperialsim.
(d) He looks at an economy without any innovation.
13. Leon Walras felt that math could be used to determine what?
(a) The profitable price of a good.
(b) The highest price of a good.
(c) The lowest price of a good.
(d) The equilibrium price of a good.
14. The period that followed the stock market crash is referred to as __________. (fill in the blank)
(a) The Golden Age.
(b) The Fall of Mankind.
(c) The Great Recession.
(d) The Great Depression.
15. The time period Veblen analyzes is referred to as __________. (fill in the blank)
(a) The Victorian Period.
(b) The Golden Age of America.
(c) The Great Depression.
(d) The Roaring Twenties.
Short Answer Questions
1. What did Schumpeter call a person who introduced change into economic life?
2. Schumpeter's book makes a distinction between ___________ successes and sociological successes. (fill in the blank)
3. When investment is less than ___________ , there is depression. (fill in the blank)
4. Who sent a letter to his business associates threatening to ruin them?
5. When were Schumpeter's theories considered true?
This section contains 438 words
(approx. 2 pages at 300 words per page)