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

2. Where was Joseph Schumpeter born?

3. Where did Keynes attend college?

4. According to The Communist Manifesto, what would be a transition period followed by pure Communism?

5. Whose work was Schumpeter more familiar with than any other Western economists?

Short Essay Questions

1. What connection does Schumpeter make between capitalism and sociological success?

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

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

4. What was the premise of The Communist Manifesto?

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

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

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

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

9. What was the background of Karl Marx?

10. What was the background of Thorstein Veblen?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What are Veblen's theories on capitalism and how were they received by society at the time?

Essay Topic 2

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

Essay Topic 3

Why did Keynes think business cycles had to be countered by government intervention? What did he call this and what did he propose governments do? How did this vary from Adam Smith's views?

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