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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. The stock market crashed in what year?
(a) 1932.
(b) 1927.
(c) 1929.
(d) 1930.

2. Critics of Edgeworth pointed to ____________ as evidence that man did not always act on his own behalf. (fill in the blank)
(a) Factories.
(b) Farms.
(c) Labor laws.
(d) Trade unions.

3. What were the economic thinkers of the Victorian period known as?
(a) Mathematicians.
(b) Socialists.
(c) The underground of economics.
(d) Political economists.

4. Keynes was involved in what important conference after World War II?
(a) Peace Conference.
(b) United Nations.
(c) Bretton Woods.
(d) Conference at Vienna.

5. The Communist Manifesto first appeared in what year?
(a) 1828.
(b) 1848.
(c) 1844.
(d) 1833.

6. How many years did it take Marx to write Capital?
(a) 5 years.
(b) 16 years.
(c) 18 years.
(d) 12 years.

7. What book did Schumpeter write while working for an Egyptian princess?
(a) Tract on Monetary Reform.
(b) The Theory of Economic Development.
(c) Principles of Economics.
(d) Progress and Poverty.

8. According to Engels and Marx, what does "dialectical" mean?
(a) Diverse.
(b) Chance.
(c) Change.
(d) Discussion.

9. Veblen was fascinated with how society was dominated by __________. (fill in the blank)
(a) The machine.
(b) Wealth.
(c) Greed.
(d) The upperclass.

10. The Communist Manifesto was the platform for _________. (fill in the blank)
(a) The Industrial Revolution.
(b) The Communist League.
(c) The Labor Movement.
(d) The Fair Trade Act.

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

12. Between 1870 and 1914, what percentage of English savings were invested abroad?
(a) 20%.
(b) 50%.
(c) 10%.
(d) 25%.

13. Where did Keynes attend college?
(a) Eton.
(b) Cambridge.
(c) Yale.
(d) Oxford.

14. The period that followed the stock market crash is referred to as __________. (fill in the blank)
(a) The Great Depression.
(b) The Fall of Mankind.
(c) The Golden Age.
(d) The Great Recession.

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

Short Answer Questions

1. Henry George's favorite idea was called __________. (fill in the blank)

2. Veblen's book earned him a reputation as a __________. (fill in the blank)

3. In what year is Schumpeter's book Capitalism, Socialism and Democracy published?

4. Where did Karl Marx and Friedrich Engels meet?

5. What was the name of the publication of Engels' impressions after working for his father's textile business in England?

(see the answer keys)

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