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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. The Victorian period marked the beginning of what important movement?
(a) Socialism.
(b) European imperialism.
(c) American democracy.
(d) Communism.

2. The world of economics was subject to the ridicule of whom?
(a) Francis Ysidro Edgeworth.
(b) Leon Walras.
(c) Stanley Jevrons.
(d) Frederic Bastiat.

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

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

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

Short Answer Questions

1. How does Schumpeter approach economics in a unique way in his book?

2. Hobson's views fit right into the views of whom?

3. What was Henry George a believer in?

4. According to Engels and Marx, what does "dialectical" mean?

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

Short Essay Questions

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

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

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

4. Why did Thorstein Veblen feel compelled to write about American economics?

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

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

7. What was Keynes theory about savings?

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

9. Why was John A. Hobson labeled at heretic?

10. What were Veblen's views on capitalism in The Theory of Business Enterprise?

(see the answer keys)

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