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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. In what year did Keynes publish his Tract on Monetary Reform?
(a) 1923.
(b) 1928.
(c) 1929.
(d) 1933.

2. What year did Veblen die?
(a) 1929.
(b) 1927.
(c) 1930.
(d) 1931.

3. What nationality was Veblen's family?
(a) Swedish.
(b) Norwegian.
(c) British.
(d) Dutch.

4. Keynes was involved in what important conference after World War II?
(a) United Nations.
(b) Bretton Woods.
(c) Peace Conference.
(d) Conference at Vienna.

5. Where was Joseph Schumpeter born?
(a) England.
(b) Australia.
(c) Austria.
(d) America.

6. Who sent a letter to his business associates threatening to ruin them?
(a) Cornelius Vanderbilt.
(b) J. Pierpont Morgan.
(c) Henry Rogers.
(d) William Rockefeller.

7. Veblen attacked the rich as he looked for what he called the __________. (fill in the blank)
(a) Honest man.
(b) Greedy man.
(c) Earnest man.
(d) Economic man.

8. What did President Hoover think would be banished from the nation in the late 1920's?
(a) Poverty.
(b) Investments.
(c) Prosperity.
(d) Discrimination.

9. Veblen was fascinated with how society was dominated by __________. (fill in the blank)
(a) Wealth.
(b) The machine.
(c) Greed.
(d) The upperclass.

10. How old was Veblen when he got his first paying job?
(a) Twenty-five.
(b) Forty-five.
(c) Fifteen.
(d) Thirty-five.

11. Between 1870 and 1914, what percentage of English savings were invested abroad?
(a) 25%.
(b) 10%.
(c) 50%.
(d) 20%.

12. What did Veblen call individual churches?
(a) Houses of God.
(b) Places of ill repute.
(c) Retail outlets.
(d) Time wasters.

13. Hobson's views fit right into the views of whom?
(a) Churchill.
(b) Stalin.
(c) Hitler.
(d) Lenin.

14. The period that followed the stock market crash is referred to as __________. (fill in the blank)
(a) The Golden Age.
(b) The Great Depression.
(c) The Great Recession.
(d) The Fall of Mankind.

15. During the Victorian period, economics became the province of __________. (fill in the blank)
(a) Landowners.
(b) Lawyers.
(c) Professors.
(d) Politicians.

Short Answer Questions

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

2. How does Schumpeter approach economics in a unique way in his book?

3. During the Victorian era, the field of study became known as economics and not ___________. (fill in the blank)

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

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

(see the answer keys)

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