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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. Keynes thought the best way to stimulate a flagging economy was through __________. (fill in the blank)
(a) Higher wages.
(b) Private investments.
(c) Lower interest rates.
(d) Lower taxes.

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

3. Having spent some time in South Africa, Hobson returned to England and wrote what book?
(a) Progress.
(b) Capitalism.
(c) Capital.
(d) Imperialism.

4. Schumpeter's book makes a distinction between ___________ successes and sociological successes. (fill in the blank)
(a) Philosophical.
(b) Monetary.
(c) Global.
(d) Economic.

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

Short Answer Questions

1. Keynes received an appointment to a Royal Commission studying what?

2. What were the economic thinkers of the Victorian period known as?

3. Marx's radicalism was ____________ rather than political. (fill in the blank)

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

5. What was the name of Marx's devoted wife?

Short Essay Questions

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

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

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

4. What was the background of Friedrich Engels?

5. What was Francis Ysidro Edgeworth's theory?

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

7. What kind of tax did Henry George propose?

8. How did Frederic Bastiat ridicule economics?

9. What was dialectical materialism?

10. What is the background of John Maynard Keynes?

(see the answer keys)

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