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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. Marx and Engels thought the revolution would occur in an advanced industrial economy like _________. (fill in the blank)

2. According to Marx, which class had something to fear?

3. The period that followed the stock market crash is referred to as __________. (fill in the blank)

4. Where did Keynes attend college?

5. From where did Veblen graduate with a Ph.D?

Short Essay Questions

1. What was Keynes theory about savings?

2. What was the background of Thorstein Veblen?

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

4. What is Joseph Schumpeter's background?

5. What was the surplus value theory?

6. Why did Keynes decide his Treatise on Money was incorrect?

7. What was the background of Friedrich Engels?

8. What is the background of John Maynard Keynes?

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

10. How did Frederic Bastiat ridicule economics?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Who were the underground economists? What were their theories? What was the historical significance of these theories?

Essay Topic 2

What did Thorstein Veblen discover when "he delved into the nature of the economic man and his economic rites and rituals"? Discuss fully his approach to economics and his theories as well as how both were received by society.

Essay Topic 3

Use at least four of the worldly philosophers to discuss this statement: "History is basically the history of changes that take place in thinking and economics is basically a theory of historical movement."

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