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

Multiple Choice Questions

1. What is Marx's theory of valuation is called?
(a) Labor Theory of Value.
(b) Value Theory of Labor.
(c) Socialism.
(d) Communism.

2. Who does Veblen present as the saboteur of capitalism?
(a) The noble class.
(b) The capitalist.
(c) The farmer.
(d) The leisure class.

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

4. Francis Ysidro Edgeworth was a graduate of what university?
(a) Yale.
(b) Oxford.
(c) The School of Economic Thought.
(d) Harvard.

5. Whose work was Schumpeter more familiar with than any other Western economists?
(a) Smith.
(b) Marx.
(c) Veblen.
(d) Keynes.

6. The time period Veblen analyzes is referred to as __________. (fill in the blank)
(a) The Golden Age of America.
(b) The Roaring Twenties.
(c) The Great Depression.
(d) The Victorian Period.

7. Veblen was considered by the academic world to be what?
(a) A satirist.
(b) An economist.
(c) A nonconformist.
(d) A flake.

8. What did Marx's father hope he would study?
(a) Religion.
(b) Politics.
(c) Law.
(d) Medicine.

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

10. Where was The Communist Manifesto written?
(a) Brussels.
(b) Paris.
(c) London.
(d) Berlin.

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

12. Keynes thought the best way to stimulate a flagging economy was through __________. (fill in the blank)
(a) Lower taxes.
(b) Lower interest rates.
(c) Higher wages.
(d) Private investments.

13. According to Marx, workers are paid _________. (fill in the blank)
(a) A pitence.
(b) Surplus value.
(c) Profits.
(d) Subsistence wages.

14. Having spent some time in South Africa, Hobson returned to England and wrote what book?
(a) Capital.
(b) Capitalism.
(c) Imperialism.
(d) Progress.

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. What did Schumpeter call a person who introduced change into economic life?

2. Veblen's family sent him to college to become __________. (fill in the blank)

3. Between 1870 and 1914, what percentage of English savings were invested abroad?

4. Where did Karl Marx and Friedrich Engels meet?

5. Marx's radicalism was ____________ rather than political. (fill in the blank)

(see the answer keys)

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