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

2. What was the name of Marx's devoted wife?
(a) Jane.
(b) Jenny.
(c) June.
(d) Julia.

3. Where was Joseph Schumpeter educated?
(a) Harvard.
(b) Cambridge.
(c) University of Vienna.
(d) University of Chicago.

4. What was the keynote to Thorstein Veblen's life?
(a) Hard work.
(b) Eloquent speeches.
(c) Alienation from society.
(d) A sense of humor.

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

Short Answer Questions

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

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

3. In what year is Schumpeter's book Capitalism, Socialism and Democracy published?

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

5. According to Marx, which class had something to fear?

Short Essay Questions

1. What was the background of Karl Marx?

2. What is the background of John Maynard Keynes?

3. What was Francis Ysidro Edgeworth's theory?

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

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

6. What was the economic situation in the early 1900's in America?

7. What connection does Schumpeter make between capitalism and sociological success?

8. What was the basic focus of Marx's Capital?

9. What is Joseph Schumpeter's background?

10. What was the background of Thorstein Veblen?

(see the answer keys)

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