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This quiz consists of 5 multiple choice and 5 short answer questions through The Savage Society of Thorstein Veblen.

Multiple Choice Questions

1. The economist Adam Smith lived during which time period?
(a) The American Gold Rush.
(b) The French Revolution.
(c) The Great Depression.
(d) The American Revolution.

2. What theory explains that higher wages will call forth more workers because higher wages result in better living conditions and lower mortality figures?
(a) Law of Economics.
(b) Law of Accumulation.
(c) Law of Population.
(d) Law of Assimilation.

3. Heilbroner says through his book, the reader has embarked on _________. (fill in the blank)
(a) A journey to financial wisdom.
(b) A journey to wealth.
(c) A journey through history.
(d) A journey through hell.

4. The market system was compelled largely by what idea?
(a) Work.
(b) Need.
(c) Loss.
(d) Gain.

5. What is production dependent upon?
(a) Wages.
(b) Distribution.
(c) Nature.
(d) Profits.

Short Answer Questions

1. Between 1870 and 1914, what percentage of English savings were invested abroad?

2. The Communist Manifesto was the platform for _________. (fill in the blank)

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

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

5. During the Victorian era, the field of study became known as economics and not ___________. (fill in the blank)

(see the answer key)

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