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

Multiple Choice Questions

1. Marx and Engels thought the revolution would occur in an advanced industrial economy like _________. (fill in the blank)
(a) France.
(b) Germany.
(c) England.
(d) America.

2. It was rumored that Veblen was fluent in how many languages?
(a) 16.
(b) 7.
(c) 26.
(d) 22.

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

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

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

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

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

8. The society that Marx believed would follow capitalism would be _________. (fill in the blank)
(a) Classless.
(b) Well-planned.
(c) Profitable.
(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. What did President Hoover think would be banished from the nation in the late 1920's?
(a) Poverty.
(b) Investments.
(c) Discrimination.
(d) Prosperity.

11. What did Edgeworth use to support his theories?
(a) Calculus.
(b) Physics.
(c) Chemistry.
(d) Algebra.

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

13. What does "bourgeoisie" mean?
(a) The overbearing government.
(b) The underachieving lower class.
(c) The dying aristocracy.
(d) The exploitative middle class.

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

15. What nationality was Veblen's family?
(a) British.
(b) Norwegian.
(c) Swedish.
(d) Dutch.

Short Answer Questions

1. What did Schumpeter call a person who introduced change into economic life?

2. The Victorian period marked the beginning of what important movement?

3. How old was Veblen when he got his first paying job?

4. Where was Joseph Schumpeter educated?

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

(see the answer keys)

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