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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 was the name of the publication of Engels' impressions after working for his father's textile business in England?
(a) Economic Laws of the Time.
(b) The Condition of the Working Class.
(c) The Wealth of Nations.
(d) Principles of Political Economy.

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

3. How does Schumpeter approach economics in a unique way in his book?
(a) He looks at an economy without any imperialsim.
(b) He looks at an economy with great economic growth.
(c) He looks at an economy without any innovation.
(d) He looks at an economy without any economic growth.

4. According to Marx, workers are paid _________. (fill in the blank)
(a) Profits.
(b) Subsistence wages.
(c) A pitence.
(d) Surplus value.

5. Veblen's family sent him to college to become __________. (fill in the blank)
(a) A teacher.
(b) A minister.
(c) A lawyer.
(d) A doctor.

Short Answer Questions

1. What did President Hoover think would be banished from the nation in the late 1920's?

2. The Victorian period marked the beginning of what important movement?

3. Veblen's book earned him a reputation as a __________. (fill in the blank)

4. Keynes felt the business cycles had to be countered by __________. (fill in the blank)

5. Henry George's views were published in his book called __________. (fill in the blank)

Short Essay Questions

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

2. What was the background of Friedrich Engels?

3. How did Frederic Bastiat ridicule economics?

4. What was Keynes theory about savings?

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

6. What is the background of John Maynard Keynes?

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

8. What is Joseph Schumpeter's background?

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

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

(see the answer keys)

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