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

Multiple Choice Questions

1. According to Marx, which class had something to fear?
(a) The foreign class.
(b) The farming class.
(c) The ruling class.
(d) The working class.

2. Why does Keynes resign his position from the Peace Conference?
(a) He is opposed to the war.
(b) He is opposed to the German reparation payments.
(c) He is in favor of German reparation payments.
(d) He wanted a more powerful position.

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

4. 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.

5. 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.

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

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

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

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

10. Having spent some time in South Africa, Hobson returned to England and wrote what book?
(a) Capitalism.
(b) Imperialism.
(c) Progress.
(d) Capital.

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

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

13. What was the keynote to Thorstein Veblen's life?
(a) A sense of humor.
(b) Hard work.
(c) Eloquent speeches.
(d) Alienation from society.

14. Whose work was Schumpeter more familiar with than any other Western economists?
(a) Smith.
(b) Keynes.
(c) Marx.
(d) Veblen.

15. What was the name of the publication of Engels' impressions after working for his father's textile business in England?
(a) The Condition of the Working Class.
(b) Principles of Political Economy.
(c) The Wealth of Nations.
(d) Economic Laws of the Time.

Short Answer Questions

1. Where did Karl Marx and Friedrich Engels meet?

2. Schumpeter presents his views about the 1930's in his book called __________. (fill in the blank)

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

4. During the Victorian era, the field of study became known as economics and not ___________. (fill in the blank)

5. Schumpeter's book makes a distinction between ___________ successes and sociological successes. (fill in the blank)

(see the answer keys)

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