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. Veblen was considered by the academic world to be what?

2. Marx's radicalism was ____________ rather than political. (fill in the blank)

3. Whose work was Schumpeter more familiar with than any other Western economists?

4. Because John A. Hobson was labeled as a __________, he turned his attention to South Africa. (fill in the blank)

5. Where was Joseph Schumpeter born?

Short Essay Questions

1. What was Francis Ysidro Edgeworth's theory?

2. What is the background of John Maynard Keynes?

3. What is the premise of Joseph Schumpeter's The Theory of Economic Development?

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

5. What kind of tax did Henry George propose?

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

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

8. Which of Marx's concepts turned out to be true?

9. What is Joseph Schumpeter's background?

10. How did Frederic Bastiat ridicule economics?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Who were the Utopian Socialists and what was the significance of their economic theories? Describe this group of thinkers and their contributions to economic theory and thought.

Essay Topic 2

What did Thorstein Veblen discover when "he delved into the nature of the economic man and his economic rites and rituals"? Discuss fully his approach to economics and his theories as well as how both were received by society.

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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