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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 period that followed the stock market crash is referred to as __________. (fill in the blank)
(a) The Fall of Mankind.
(b) The Great Recession.
(c) The Great Depression.
(d) The Golden Age.

2. What year did Veblen die?
(a) 1930.
(b) 1927.
(c) 1931.
(d) 1929.

3. What did Schumpeter call a person who introduced change into economic life?
(a) An investor.
(b) An iInventor.
(c) An innovator.
(d) An entrepreneur.

4. Veblen was considered by the academic world to be what?
(a) An economist.
(b) A flake.
(c) A nonconformist.
(d) A satirist.

5. What does "bourgeoisie" mean?
(a) The underachieving lower class.
(b) The overbearing government.
(c) The exploitative middle class.
(d) The dying aristocracy.

Short Answer Questions

1. What was Henry George a believer in?

2. Keynes thought the best way to stimulate a flagging economy was through __________. (fill in the blank)

3. The society that Marx believed would follow capitalism would be _________. (fill in the blank)

4. Schumpeter's book makes a distinction between ___________ successes and sociological successes. (fill in the blank)

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

Short Essay Questions

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

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

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

4. What was the background of Friedrich Engels?

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

6. What is Joseph Schumpeter's background?

7. What was the premise of The Communist Manifesto?

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

9. What was the background of Thorstein Veblen?

10. What was Francis Ysidro Edgeworth's theory?

(see the answer keys)

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