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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. Marx and Engels thought the revolution would occur in an advanced industrial economy like _________. (fill in the blank)
(a) America.
(b) Germany.
(c) France.
(d) England.

2. As imperialism waned or changed, what came into being?
(a) Tarriffs.
(b) Free trade.
(c) Imminent domain.
(d) Multinational corporations.

3. According to Schumpeter, a(n) __________ of some sort results in a flow of income that does not come from labor or other resource owners.
(a) Investment.
(b) Disaster.
(c) Innovation.
(d) Theory.

4. Veblen was fascinated with how society was dominated by __________. (fill in the blank)
(a) Wealth.
(b) The upperclass.
(c) The machine.
(d) Greed.

5. The society that Marx believed would follow capitalism would be _________. (fill in the blank)
(a) Classless.
(b) Well-planned.
(c) Wealthy.
(d) Profitable.

Short Answer Questions

1. The Communist Manifesto was the platform for _________. (fill in the blank)

2. What is Marx's theory of valuation is called?

3. When were Schumpeter's theories considered true?

4. Schumpeter presents his views about the 1930's in his book called __________. (fill in the blank)

5. Henry George's favorite idea was called __________. (fill in the blank)

Short Essay Questions

1. What was Joseph Schumpeter's theory about the Great Depression?

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

3. What was the premise of The Communist Manifesto?

4. What was the surplus value theory?

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

6. What was Keynes theory about savings?

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

8. How did Frederic Bastiat ridicule economics?

9. What was the background of Karl Marx?

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

(see the answer keys)

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