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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. How many years did it take Adam Smith to finish The Wealth of Nations?
(a) Three.
(b) Fourteen.
(c) Five.
(d) Twelve.

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

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

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

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

Short Answer Questions

1. Adam Smith was considered a non-conformist because he refused to do what before classes?

2. What does "bourgeoisie" mean?

3. In ancient society, there was no need for political economy or to see what made the economy function because it was all based on what?

4. What year was The Wealth of Nations published?

5. What theory explains that higher wages will call forth more workers because higher wages result in better living conditions and lower mortality figures?

(see the answer key)

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