The Worldly Philosophers Test | Final Test - Hard

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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. The time period Veblen analyzes is referred to as __________. (fill in the blank)

2. According to Schumpeter, a(n) __________ of some sort results in a flow of income that does not come from labor or other resource owners.

3. The outright fraud used by wealthy Americans was referred to in publications as __________. (fill in the blank)

4. According to The Communist Manifesto, what would be a transition period followed by pure Communism?

5. What did Marx's father hope he would study?

Short Essay Questions

1. What is the background of John Maynard Keynes?

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

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

4. How did Frederic Bastiat ridicule economics?

5. What is Keynes's theory in Tract on Monetary Reform?

6. What is Joseph Schumpeter's background?

7. What was dialectical materialism?

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

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

10. What was the background of Karl Marx?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What are Veblen's theories on capitalism and how were they received by society at the time?

Essay Topic 2

What role did imperialism play in permanently altering capitalism? What did imperialism ultimately lead to? What impact did that have on modern economic theories?

Essay Topic 3

What did Keynes discover about what caused the business cycles, the alternating periods of prosperity and depression or boom and bust? What role does nervous hysteria play in these cycles?

(see the answer keys)

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