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

2. What was the name of Marx's devoted wife?

3. Because John A. Hobson was labeled as a __________, he turned his attention to South Africa. (fill in the blank)

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

5. Where was Veblen raised on a farm?

Short Essay Questions

1. What kind of tax did Henry George propose?

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

3. What was the background of Thorstein Veblen?

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

5. What is Joseph Schumpeter's background?

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

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

8. What was dialectical materialism?

9. What was Francis Ysidro Edgeworth's theory?

10. How did Frederic Bastiat ridicule economics?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

How did Marx teach us "not just to look at, but through, history"? What aspects of Marx's theories are still valid today?

Essay Topic 2

Both Malthus and Ricardo painted dreary pictures of the economic situation of their times. Discuss their individual theories and how they differed, as well as how the men themselves differed. Use specific evidence from the book to support your analysis.

Essay Topic 3

What was significant about Joseph Schumpeter's theories on innovation and entrepreneurs?

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