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

Multiple Choice Questions

1. Schumpeter's purpose is to describe where ________ originate. (fill in the blank)
(a) Incomes.
(b) Wages.
(c) Investments.
(d) Profits.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Short Answer Questions

1. Leon Walras felt that math could be used to determine what?

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

3. During the Victorian period, economics became the province of __________. (fill in the blank)

4. Henry George's favorite idea was called __________. (fill in the blank)

5. Veblen's family sent him to college to become __________. (fill in the blank)

(see the answer keys)

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