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

Multiple Choice Questions

1. Who presented his theory of economics in Calculus of Pleasure and Pain?
(a) Stanley Jevrons.
(b) Francis Ysidro Edgeworth.
(c) Frederic Bastiat.
(d) Leon Walras.

2. How does Schumpeter approach economics in a unique way in his book?
(a) He looks at an economy with great economic growth.
(b) He looks at an economy without any innovation.
(c) He looks at an economy without any economic growth.
(d) He looks at an economy without any imperialsim.

3. Veblen attacked the rich as he looked for what he called the __________. (fill in the blank)
(a) Earnest man.
(b) Economic man.
(c) Greedy man.
(d) Honest man.

4. The world of economics was subject to the ridicule of whom?
(a) Francis Ysidro Edgeworth.
(b) Stanley Jevrons.
(c) Leon Walras.
(d) Frederic Bastiat.

5. Because John A. Hobson was labeled as a __________, he turned his attention to South Africa. (fill in the blank)
(a) Heretic.
(b) Fantasizer.
(c) Genius.
(d) Communist.

6. According to Schumpeter, a(n) __________ of some sort results in a flow of income that does not come from labor or other resource owners.
(a) Innovation.
(b) Disaster.
(c) Investment.
(d) Theory.

7. What did Schumpeter call a person who introduced change into economic life?
(a) An iInventor.
(b) An investor.
(c) An entrepreneur.
(d) An innovator.

8. What was the name of Marx's devoted wife?
(a) Julia.
(b) Jenny.
(c) June.
(d) Jane.

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

10. Keynes felt the business cycles had to be countered by __________. (fill in the blank)
(a) Higher wages.
(b) Government intervention.
(c) Private investors.
(d) Leaving the markets alone.

11. Hobson's views fit right into the views of whom?
(a) Hitler.
(b) Churchill.
(c) Stalin.
(d) Lenin.

12. According to The Communist Manifesto, what would be a transition period followed by pure Communism?
(a) Socialism.
(b) Phalansterism.
(c) Capitalism.
(d) Populism.

13. Where was The Communist Manifesto written?
(a) Paris.
(b) Berlin.
(c) London.
(d) Brussels.

14. What was Henry George a believer in?
(a) Socialism.
(b) Phrenology.
(c) Imperialism.
(d) Political economy.

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

Short Answer Questions

1. Keynes thought the best way to stimulate a flagging economy was through __________. (fill in the blank)

2. The stock market crashed in what year?

3. Where was Joseph Schumpeter born?

4. Marx and Engels thought the revolution would occur in an advanced industrial economy like _________. (fill in the blank)

5. What nationality is Karl Marx?

(see the answer keys)

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