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

2. Veblen's book earned him a reputation as a __________. (fill in the blank)
(a) Economist.
(b) Crackpot.
(c) Satirist.
(d) Radical.

3. Who sent a letter to his business associates threatening to ruin them?
(a) J. Pierpont Morgan.
(b) Henry Rogers.
(c) William Rockefeller.
(d) Cornelius Vanderbilt.

4. Critics of Edgeworth pointed to ____________ as evidence that man did not always act on his own behalf. (fill in the blank)
(a) Trade unions.
(b) Labor laws.
(c) Factories.
(d) Farms.

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

Short Answer Questions

1. Where was Joseph Schumpeter educated?

2. Who does Veblen present as the saboteur of capitalism?

3. What was the title of Veblen's first book?

4. Keynes defines prosperity and depression in terms of what?

5. According to Schumpeter, a(n) __________ of some sort results in a flow of income that does not come from labor or other resource owners.

Short Essay Questions

1. What was Keynes theory about savings?

2. What is Joseph Schumpeter's background?

3. What was the background of Thorstein Veblen?

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

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

6. What was dialectical materialism?

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

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

9. What was the background of Karl Marx?

10. What was the premise of The Communist Manifesto?

(see the answer keys)

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