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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. In what year did Keynes publish his Tract on Monetary Reform?

2. Who presented his theory of economics in Calculus of Pleasure and Pain?

3. Henry George's views were published in his book called __________. (fill in the blank)

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

5. How old was Veblen when he got his first paying job?

Short Essay Questions

1. What were Veblen's views on capitalism in The Theory of Business Enterprise?

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

3. What is Joseph Schumpeter's background?

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

5. What was the background of Thorstein Veblen?

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

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

8. What kind of tax did Henry George propose?

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

10. What was the surplus value theory?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

How did Marx and Keynes each "exert the profoundest influence on the philosophy of the capitalist system"?

Essay Topic 2

Discuss the following statement in terms of its significance to both Keynes' theories and economic conditions of 2007-2008: "In retrospect, it was inevitable. The stock market had been built on a honeycomb of loans that could bear just so much strain and no more. And more than that, there were shaky timbers and rotten wood in the foundation that propped up the magnificent show of prosperity."

Essay Topic 3

Discuss in detail the two themes put forth in Adam Smith's Wealth of Nations.

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