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

Multiple Choice Questions

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

2. Who sent a letter to his business associates threatening to ruin them?
(a) J. Pierpont Morgan.
(b) William Rockefeller.
(c) Henry Rogers.
(d) Cornelius Vanderbilt.

3. Keynes received an appointment to a Royal Commission studying what?
(a) Indian currency.
(b) Monetary reform.
(c) The market crash.
(d) Unemployment.

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

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

6. The outright fraud used by wealthy Americans was referred to in publications as __________. (fill in the blank)
(a) Enterprise.
(b) Consumption.
(c) Business as usual.
(d) Greed.

7. The Victorian period marked the beginning of what important movement?
(a) European imperialism.
(b) American democracy.
(c) Communism.
(d) Socialism.

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

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

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

11. Schumpeter presents his views about the 1930's in his book called __________. (fill in the blank)
(a) Business Cycles.
(b) Poor Economics.
(c) The Great Depression.
(d) Innovators.

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

13. The time period Veblen analyzes is referred to as __________. (fill in the blank)
(a) The Victorian Period.
(b) The Great Depression.
(c) The Golden Age of America.
(d) The Roaring Twenties.

14. From where did Veblen graduate with a Ph.D?
(a) Yale.
(b) Cornell.
(c) University of Chicago.
(d) Harvard.

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

Short Answer Questions

1. In what year did Keynes publish his Tract on Monetary Reform?

2. What were the economic thinkers of the Victorian period known as?

3. What did Veblen call individual churches?

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

5. When were Schumpeter's theories considered true?

(see the answer keys)

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