View a FREE sample

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) England.
(b) Germany.
(c) America.
(d) France.

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

3. When investment is less than ___________ , there is depression. (fill in the blank)
(a) Income.
(b) Spending.
(c) Output.
(d) Savings.

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

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

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

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

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

9. Veblen's family sent him to college to become __________. (fill in the blank)
(a) A minister.
(b) A teacher.
(c) A doctor.
(d) A lawyer.

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

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

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

13. Where was Joseph Schumpeter born?
(a) Australia.
(b) England.
(c) Austria.
(d) America.

14. The period that followed the stock market crash is referred to as __________. (fill in the blank)
(a) The Great Recession.
(b) The Fall of Mankind.
(c) The Great Depression.
(d) The Golden Age.

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

Short Answer Questions

1. Having spent some time in South Africa, Hobson returned to England and wrote what book?

2. Marx's radicalism was ____________ rather than political. (fill in the blank)

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

4. How does Schumpeter approach economics in a unique way in his book?

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

(see the answer keys)

This section contains 426 words (approx. 2 pages at 300 words per page) View a FREE sample