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

Multiple Choice Questions

1. The Communist Manifesto was the platform for _________. (fill in the blank)
(a) The Communist League.
(b) The Industrial Revolution.
(c) The Labor Movement.
(d) The Fair Trade Act.

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

3. What book did Schumpeter write while working for an Egyptian princess?
(a) Tract on Monetary Reform.
(b) The Theory of Economic Development.
(c) Principles of Economics.
(d) Progress and Poverty.

4. Where was Joseph Schumpeter educated?
(a) Cambridge.
(b) University of Chicago.
(c) University of Vienna.
(d) Harvard.

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

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

7. During the Victorian period, economics became the province of __________. (fill in the blank)
(a) Landowners.
(b) Lawyers.
(c) Politicians.
(d) Professors.

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

9. Marx's radicalism was ____________ rather than political. (fill in the blank)
(a) Philosophical.
(b) Theoretical.
(c) Religious.
(d) Educational.

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

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

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

13. What did President Hoover think would be banished from the nation in the late 1920's?
(a) Discrimination.
(b) Poverty.
(c) Investments.
(d) Prosperity.

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

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

Short Answer Questions

1. Keynes felt the business cycles had to be countered by __________. (fill in the blank)

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

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

4. Schumpeter's purpose is to describe where ________ originate. (fill in the blank)

5. What was the keynote to Thorstein Veblen's life?

(see the answer keys)

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