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

Multiple Choice Questions

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

2. Henry George's favorite idea was called __________. (fill in the blank)
(a) Taxation without representation.
(b) The big tax.
(c) Villages of Cooperation.
(d) The single tax.

3. Veblen was considered by the academic world to be what?
(a) A nonconformist.
(b) An economist.
(c) A flake.
(d) A satirist.

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

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

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

7. Henry George's views were published in his book called __________. (fill in the blank)
(a) The Condition of the Working Class.
(b) The Wealth of Nations.
(c) Progress and Poverty.
(d) Principles of Political Economy.

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

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

10. Keynes defines prosperity and depression in terms of what?
(a) Production.
(b) Output.
(c) Income.
(d) Distribution.

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

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

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

14. Keynes thought the best way to stimulate a flagging economy was through __________. (fill in the blank)
(a) Lower taxes.
(b) Private investments.
(c) Higher wages.
(d) Lower interest rates.

15. Veblen's book earned him a reputation as a __________. (fill in the blank)
(a) Satirist.
(b) Crackpot.
(c) Economist.
(d) Radical.

Short Answer Questions

1. What was the title of Veblen's first book?

2. What does "bourgeoisie" mean?

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

4. The stock market crashed in what year?

5. The time period Veblen analyzes is referred to as __________. (fill in the blank)

(see the answer keys)

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