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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. What book did Schumpeter write while working for an Egyptian princess?

2. Francis Ysidro Edgeworth was a graduate of what university?

3. According to Marx, workers are paid _________. (fill in the blank)

4. What is Marx's theory of valuation is called?

5. The stock market crashed in what year?

Short Essay Questions

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

2. What is Joseph Schumpeter's background?

3. What was dialectical materialism?

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

5. What was Keynes theory about savings?

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

7. What was Francis Ysidro Edgeworth's theory?

8. What was the background of Thorstein Veblen?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

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?

Essay Topic 3

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.

(see the answer keys)

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