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

Multiple Choice Questions

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

2. Keynes defines prosperity and depression in terms of what?
(a) Output.
(b) Income.
(c) Production.
(d) Distribution.

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

4. 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.

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

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

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

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

9. Who does Veblen present as the saboteur of capitalism?
(a) The farmer.
(b) The capitalist.
(c) The leisure class.
(d) The noble class.

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

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

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

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

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

15. What were the economic thinkers of the Victorian period known as?
(a) Mathematicians.
(b) The underground of economics.
(c) Political economists.
(d) Socialists.

Short Answer Questions

1. The period that followed the stock market crash is referred to as __________. (fill in the blank)

2. According to Schumpeter, a(n) __________ of some sort results in a flow of income that does not come from labor or other resource owners.

3. Veblen's book earned him a reputation as a __________. (fill in the blank)

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

5. Veblen attacked the rich as he looked for what he called the __________. (fill in the blank)

(see the answer keys)

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