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

Multiple Choice Questions

1. From where did Veblen graduate with a Ph.D?
(a) Cornell.
(b) Harvard.
(c) University of Chicago.
(d) Yale.

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

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

4. Where was Joseph Schumpeter educated?
(a) University of Chicago.
(b) Cambridge.
(c) Harvard.
(d) University of Vienna.

5. Why does Keynes resign his position from the Peace Conference?
(a) He is in favor of German reparation payments.
(b) He is opposed to the war.
(c) He is opposed to the German reparation payments.
(d) He wanted a more powerful position.

6. What was the name of Marx's devoted wife?
(a) Julia.
(b) Jenny.
(c) Jane.
(d) June.

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

8. As imperialism waned or changed, what came into being?
(a) Imminent domain.
(b) Multinational corporations.
(c) Free trade.
(d) Tarriffs.

9. Where was Veblen raised on a farm?
(a) Sweden.
(b) Norway.
(c) Minnesota.
(d) Illinois.

10. Where did Keynes attend college?
(a) Cambridge.
(b) Yale.
(c) Oxford.
(d) Eton.

11. Leon Walras felt that math could be used to determine what?
(a) The lowest price of a good.
(b) The equilibrium price of a good.
(c) The profitable price of a good.
(d) The highest price of a good.

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

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

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

15. The outright fraud used by wealthy Americans was referred to in publications as __________. (fill in the blank)
(a) Business as usual.
(b) Consumption.
(c) Enterprise.
(d) Greed.

Short Answer Questions

1. Where did Karl Marx and Friedrich Engels meet?

2. Having spent some time in South Africa, Hobson returned to England and wrote what book?

3. When were Schumpeter's theories considered true?

4. Veblen was fascinated with how society was dominated by __________. (fill in the blank)

5. The world of economics was subject to the ridicule of whom?

(see the answer keys)

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