The Worldly Philosophers Test | Final Test - Easy

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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Because John A. Hobson was labeled as a __________, he turned his attention to South Africa. (fill in the blank)
(a) Fantasizer.
(b) Communist.
(c) Genius.
(d) Heretic.

2. Veblen's family sent him to college to become __________. (fill in the blank)
(a) A teacher.
(b) A lawyer.
(c) A doctor.
(d) A minister.

3. Leon Walras felt that math could be used to determine what?
(a) The highest price of a good.
(b) The lowest price of a good.
(c) The profitable price of a good.
(d) The equilibrium price of a good.

4. Keynes thought the best way to stimulate a flagging economy was through __________. (fill in the blank)
(a) Higher wages.
(b) Lower taxes.
(c) Private investments.
(d) Lower interest rates.

5. Francis Ysidro Edgeworth was a graduate of what university?
(a) Yale.
(b) The School of Economic Thought.
(c) Harvard.
(d) Oxford.

6. Whose work was Schumpeter more familiar with than any other Western economists?
(a) Veblen.
(b) Smith.
(c) Marx.
(d) Keynes.

7. Who does Veblen present as the saboteur of capitalism?
(a) The leisure class.
(b) The capitalist.
(c) The farmer.
(d) The noble class.

8. When were Schumpeter's theories considered true?
(a) Only in Europe.
(b) Only in theory.
(c) In the short-run.
(d) In the long-run.

9. Where did Keynes attend college?
(a) Yale.
(b) Cambridge.
(c) Eton.
(d) Oxford.

10. In what year is Schumpeter's book Capitalism, Socialism and Democracy published?
(a) 1954.
(b) 1944.
(c) 1932.
(d) 1942.

11. Why does Keynes resign his position from the Peace Conference?
(a) He is opposed to the war.
(b) He wanted a more powerful position.
(c) He is in favor of German reparation payments.
(d) He is opposed to the German reparation payments.

12. The time period Veblen analyzes is referred to as __________. (fill in the blank)
(a) The Roaring Twenties.
(b) The Victorian Period.
(c) The Great Depression.
(d) The Golden Age of America.

13. What were the economic thinkers of the Victorian period known as?
(a) The underground of economics.
(b) Socialists.
(c) Political economists.
(d) Mathematicians.

14. How many years did it take Marx to write Capital?
(a) 16 years.
(b) 5 years.
(c) 18 years.
(d) 12 years.

15. When investment is less than ___________ , there is depression. (fill in the blank)
(a) Output.
(b) Income.
(c) Spending.
(d) Savings.

Short Answer Questions

1. Keynes felt the business cycles had to be countered by __________. (fill in the blank)

2. From where did Veblen graduate with a Ph.D?

3. During the Victorian era, the field of study became known as economics and not ___________. (fill in the blank)

4. According to Marx, which class had something to fear?

5. What nationality is Karl Marx?

(see the answer keys)

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