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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 were Schumpeter's theories considered true?

2. The society that Marx believed would follow capitalism would be _________. (fill in the blank)

3. Keynes was involved in what important conference after World War II?

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

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

Short Essay Questions

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

2. What is the background of John Maynard Keynes?

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

4. What was the background of Karl Marx?

5. What was Francis Ysidro Edgeworth's theory?

6. What kind of tax did Henry George propose?

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

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

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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

Essay Topic 2

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

Essay Topic 3

What did Keynes discover about what caused the business cycles, the alternating periods of prosperity and depression or boom and bust? What role does nervous hysteria play in these cycles?

(see the answer keys)

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