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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. 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) Innovation.
(c) Theory.
(d) Disaster.

2. Whose work was Schumpeter more familiar with than any other Western economists?
(a) Smith.
(b) Marx.
(c) Keynes.
(d) Veblen.

3. Where was The Communist Manifesto written?
(a) London.
(b) Berlin.
(c) Paris.
(d) Brussels.

4. Keynes received an appointment to a Royal Commission studying what?
(a) The market crash.
(b) Unemployment.
(c) Indian currency.
(d) Monetary reform.

5. What were the economic thinkers of the Victorian period known as?
(a) Political economists.
(b) The underground of economics.
(c) Socialists.
(d) Mathematicians.

Short Answer Questions

1. What nationality was Veblen's family?

2. The world of economics was subject to the ridicule of whom?

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

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

5. Schumpeter's purpose is to describe where ________ originate. (fill in the blank)

Short Essay Questions

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

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

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

4. What was Veblen's theory about the Savage Society?

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

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

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

8. What was the basic focus of Marx's Capital?

9. What was the premise of The Communist Manifesto?

10. What was the background of Karl Marx?

(see the answer keys)

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