The Worldly Philosophers Test | Final Test - Medium

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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

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

2. What does "bourgeoisie" mean?
(a) The underachieving lower class.
(b) The overbearing government.
(c) The dying aristocracy.
(d) The exploitative middle class.

3. 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.

4. According to The Communist Manifesto, what would be a transition period followed by pure Communism?
(a) Phalansterism.
(b) Capitalism.
(c) Socialism.
(d) Populism.

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

Short Answer Questions

1. As imperialism waned or changed, what came into being?

2. What did President Hoover think would be banished from the nation in the late 1920's?

3. What did Edgeworth use to support his theories?

4. What was the keynote to Thorstein Veblen's life?

5. Marx and Engels thought the revolution would occur in an advanced industrial economy like _________. (fill in the blank)

Short Essay Questions

1. What was the economic situation in the early 1900's in America?

2. Why did Thorstein Veblen feel compelled to write about American economics?

3. What was the premise of The Communist Manifesto?

4. What were Veblen's views on capitalism in The Theory of Business Enterprise?

5. What was Joseph Schumpeter's theory about the Great Depression?

6. What was the basic focus of Marx's Capital?

7. What connection does Schumpeter make between capitalism and sociological success?

8. What was the premise of Veblen's book, The Theory of the Leisure Class?

9. Why was John A. Hobson labeled at heretic?

10. What is the background of John Maynard Keynes?

(see the answer keys)

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