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. How old was Veblen when he got his first paying job?
(a) Forty-five.
(b) Thirty-five.
(c) Fifteen.
(d) Twenty-five.

2. Keynes felt the business cycles had to be countered by __________. (fill in the blank)
(a) Government intervention.
(b) Higher wages.
(c) Private investors.
(d) Leaving the markets alone.

3. Having spent some time in South Africa, Hobson returned to England and wrote what book?
(a) Imperialism.
(b) Capital.
(c) Capitalism.
(d) Progress.

4. What did Schumpeter call a person who introduced change into economic life?
(a) An innovator.
(b) An entrepreneur.
(c) An investor.
(d) An iInventor.

5. The Communist Manifesto was the platform for _________. (fill in the blank)
(a) The Industrial Revolution.
(b) The Labor Movement.
(c) The Communist League.
(d) The Fair Trade Act.

Short Answer Questions

1. It was rumored that Veblen was fluent in how many languages?

2. Where was Joseph Schumpeter born?

3. The Communist Manifesto first appeared in what year?

4. Francis Ysidro Edgeworth was a graduate of what university?

5. Where did Karl Marx and Friedrich Engels meet?

Short Essay Questions

1. What was Francis Ysidro Edgeworth's theory?

2. What is Joseph Schumpeter's background?

3. What kind of tax did Henry George propose?

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

5. What was the background of Friedrich Engels?

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

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

8. Why did Keynes decide his Treatise on Money was incorrect?

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

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

(see the answer keys)

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