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

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

3. What is Marx's theory of valuation is called?
(a) Value Theory of Labor.
(b) Communism.
(c) Labor Theory of Value.
(d) Socialism.

4. How many years did it take Marx to write Capital?
(a) 16 years.
(b) 18 years.
(c) 5 years.
(d) 12 years.

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

Short Answer Questions

1. Critics of Edgeworth pointed to ____________ as evidence that man did not always act on his own behalf. (fill in the blank)

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

3. What year did Veblen die?

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

5. Where did Karl Marx and Friedrich Engels meet?

Short Essay Questions

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

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

3. What is Keynes's theory in Tract on Monetary Reform?

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

5. What was the premise of Veblen's book, The Theory of the Leisure Class?

6. What is the background of John Maynard Keynes?

7. What was the surplus value theory?

8. What was the background of Thorstein Veblen?

9. Which of Marx's concepts turned out to be true?

10. What kind of tax did Henry George propose?

(see the answer keys)

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