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

Multiple Choice Questions

1. In what year is Schumpeter's book Capitalism, Socialism and Democracy published?
(a) 1932.
(b) 1944.
(c) 1942.
(d) 1954.

2. Francis Ysidro Edgeworth was a graduate of what university?
(a) Harvard.
(b) Oxford.
(c) The School of Economic Thought.
(d) Yale.

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

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

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

6. What nationality is Karl Marx?
(a) French.
(b) American.
(c) Brittish.
(d) German.

7. Where was Joseph Schumpeter born?
(a) England.
(b) Australia.
(c) Austria.
(d) America.

8. The society that Marx believed would follow capitalism would be _________. (fill in the blank)
(a) Profitable.
(b) Well-planned.
(c) Classless.
(d) Wealthy.

9. What was the title of Veblen's first book?
(a) The Politics of Economics.
(b) The Theory of Business Enterprise.
(c) The Condition of the Working Class.
(d) The Theory of the Leisure Class.

10. When investment is less than ___________ , there is depression. (fill in the blank)
(a) Spending.
(b) Income.
(c) Output.
(d) Savings.

11. Where was Veblen raised on a farm?
(a) Illinois.
(b) Minnesota.
(c) Norway.
(d) Sweden.

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

13. Who does Veblen present as the saboteur of capitalism?
(a) The noble class.
(b) The capitalist.
(c) The leisure class.
(d) The farmer.

14. According to Marx, workers are paid _________. (fill in the blank)
(a) Profits.
(b) Subsistence wages.
(c) A pitence.
(d) Surplus value.

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

Short Answer Questions

1. Who presented his theory of economics in Calculus of Pleasure and Pain?

2. Where was The Communist Manifesto written?

3. Leon Walras felt that math could be used to determine what?

4. During the Victorian period, economics became the province of __________. (fill in the blank)

5. How many years did it take Marx to write Capital?

(see the answer keys)

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