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This quiz consists of 5 multiple choice and 5 short answer questions through The Contradictions of Joseph Schumpeter.

Multiple Choice Questions

1. Leon Walras felt that math could be used to determine what?
(a) The equilibrium price of a good.
(b) The highest price of a good.
(c) The lowest price of a good.
(d) The profitable price of a good.

2. Keynes defines prosperity and depression in terms of what?
(a) Income.
(b) Production.
(c) Output.
(d) Distribution.

3. The first stop on Heilbroner's description of how economists became necessary to society is France in what year?
(a) 1305.
(b) 1550.
(c) 1630.
(d) 1776.

4. During the Victorian era, the field of study became known as economics and not ___________. (fill in the blank)
(a) Political economy.
(b) Imperialism.
(c) Phrenology.
(d) Socialsim.

5. Schumpeter's book makes a distinction between ___________ successes and sociological successes. (fill in the blank)
(a) Global.
(b) Monetary.
(c) Philosophical.
(d) Economic.

Short Answer Questions

1. What year did Veblen die?

2. What does Heilbroner think is strange about ancient civilizations?

3. The new philosophy of survival with the market system brought with it what new social problem?

4. Dr. Richard Price felt that the population had declined by how much?

5. What was the title of Adam Smith's first book?

(see the answer key)

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