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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. The Communist Manifesto first appeared in what year?
(a) 1844.
(b) 1828.
(c) 1848.
(d) 1833.

2. The stock market crashed in what year?
(a) 1927.
(b) 1929.
(c) 1932.
(d) 1930.

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

4. What did Veblen call individual churches?
(a) Time wasters.
(b) Houses of God.
(c) Retail outlets.
(d) Places of ill repute.

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

Short Answer Questions

1. What book did Schumpeter write while working for an Egyptian princess?

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

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

4. Where did Keynes attend college?

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

Short Essay Questions

1. What was dialectical materialism?

2. What was the flaw in capitalism according to Hobson?

3. What was Francis Ysidro Edgeworth's theory?

4. What were Veblen's views on capitalism in The Theory of Business Enterprise?

5. What was Keynes theory about savings?

6. What is the premise of Joseph Schumpeter's The Theory of Economic Development?

7. How did Frederic Bastiat ridicule economics?

8. Why did Keynes decide his Treatise on Money was incorrect?

9. What was the background of Karl Marx?

10. Why was John A. Hobson labeled at heretic?

(see the answer keys)

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