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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 outright fraud used by wealthy Americans was referred to in publications as __________. (fill in the blank)
(a) Business as usual.
(b) Greed.
(c) Enterprise.
(d) Consumption.

2. Henry George's favorite idea was called __________. (fill in the blank)
(a) The single tax.
(b) Villages of Cooperation.
(c) The big tax.
(d) Taxation without representation.

3. Keynes felt the business cycles had to be countered by __________. (fill in the blank)
(a) Government intervention.
(b) Private investors.
(c) Higher wages.
(d) Leaving the markets alone.

4. Where was Veblen raised on a farm?
(a) Norway.
(b) Sweden.
(c) Minnesota.
(d) Illinois.

5. What did President Hoover think would be banished from the nation in the late 1920's?
(a) Prosperity.
(b) Discrimination.
(c) Poverty.
(d) Investments.

Short Answer Questions

1. As imperialism waned or changed, what came into being?

2. Who sent a letter to his business associates threatening to ruin them?

3. What nationality was Veblen's family?

4. What book did Schumpeter write while working for an Egyptian princess?

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

Short Essay Questions

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

2. What was the background of Karl Marx?

3. How did Frederic Bastiat ridicule economics?

4. What was the premise of The Communist Manifesto?

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

6. What was Keynes theory about savings?

7. What was the background of Thorstein Veblen?

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

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

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

(see the answer keys)

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