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

Multiple Choice Questions

1. Veblen's book earned him a reputation as a __________. (fill in the blank)
(a) Economist.
(b) Crackpot.
(c) Satirist.
(d) Radical.

2. As imperialism waned or changed, what came into being?
(a) Free trade.
(b) Imminent domain.
(c) Tarriffs.
(d) Multinational corporations.

3. Where was Veblen raised on a farm?
(a) Sweden.
(b) Minnesota.
(c) Norway.
(d) Illinois.

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

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

6. 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.

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

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

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

10. Where did Karl Marx and Friedrich Engels meet?
(a) London.
(b) Berlin.
(c) Brussels.
(d) Paris.

11. 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.

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

13. How old was Veblen when he got his first paying job?
(a) Fifteen.
(b) Thirty-five.
(c) Twenty-five.
(d) Forty-five.

14. During the Victorian era, the field of study became known as economics and not ___________. (fill in the blank)
(a) Imperialism.
(b) Socialsim.
(c) Phrenology.
(d) Political economy.

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

Short Answer Questions

1. According to Marx, workers are paid _________. (fill in the blank)

2. What is Marx's theory of valuation is called?

3. When investment is less than ___________ , there is depression. (fill in the blank)

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

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

(see the answer keys)

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