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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 was involved in what important conference after World War II?
(a) United Nations.
(b) Conference at Vienna.
(c) Bretton Woods.
(d) Peace Conference.

2. Leon Walras felt that math could be used to determine what?
(a) The profitable price of a good.
(b) The lowest price of a good.
(c) The highest price of a good.
(d) The equilibrium price of a good.

3. In what year did Keynes publish his Tract on Monetary Reform?
(a) 1923.
(b) 1929.
(c) 1928.
(d) 1933.

4. According to Engels and Marx, what does "dialectical" mean?
(a) Discussion.
(b) Change.
(c) Chance.
(d) Diverse.

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

Short Answer Questions

1. What does "bourgeoisie" mean?

2. What was the keynote to Thorstein Veblen's life?

3. Where did Karl Marx and Friedrich Engels meet?

4. When investment is less than ___________ , there is depression. (fill in the blank)

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

Short Essay Questions

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

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

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

4. What is Joseph Schumpeter's background?

5. What was Francis Ysidro Edgeworth's theory?

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

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

8. What was the surplus value theory?

9. How did Frederic Bastiat ridicule economics?

10. What is the background of John Maynard Keynes?

(see the answer keys)

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