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This quiz consists of 5 multiple choice and 5 short answer questions through The Heresies of John Maynard Keynes.

Multiple Choice Questions

1. What is Marx's theory of valuation is called?
(a) Socialism.
(b) Labor Theory of Value.
(c) Communism.
(d) Value Theory of Labor.

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

3. What was the name of the publication of Engels' impressions after working for his father's textile business in England?
(a) Principles of Political Economy.
(b) The Wealth of Nations.
(c) Economic Laws of the Time.
(d) The Condition of the Working Class.

4. According to Marx, which class had something to fear?
(a) The ruling class.
(b) The foreign class.
(c) The farming class.
(d) The working class.

5. Adam Smith defined wealth in terms of what?
(a) Produce.
(b) Land.
(c) Gold.
(d) Goods.

Short Answer Questions

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

2. What nationality is Karl Marx?

3. At what university was Adam Smith on the faculty?

4. Where did Karl Marx and Friedrich Engels meet?

5. How many years did it take Adam Smith to finish The Wealth of Nations?

(see the answer key)

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