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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Who presented his theory of economics in Calculus of Pleasure and Pain?
(a) Stanley Jevrons.
(b) Francis Ysidro Edgeworth.
(c) Frederic Bastiat.
(d) Leon Walras.

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

3. The society that Marx believed would follow capitalism would be _________. (fill in the blank)
(a) Classless.
(b) Well-planned.
(c) Wealthy.
(d) Profitable.

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

5. Marx's radicalism was ____________ rather than political. (fill in the blank)
(a) Religious.
(b) Theoretical.
(c) Educational.
(d) Philosophical.

Short Answer Questions

1. When were Schumpeter's theories considered true?

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

3. Schumpeter's book makes a distinction between ___________ successes and sociological successes. (fill in the blank)

4. How many years did it take Marx to write Capital?

5. When investment is less than ___________ , there is depression. (fill in the blank)

Short Essay Questions

1. What was the background of Karl Marx?

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

3. What was Joseph Schumpeter's theory about the Great Depression?

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

5. What was the surplus value theory?

6. What was the background of Thorstein Veblen?

7. What was dialectical materialism?

8. What is Keynes's theory in Tract on Monetary Reform?

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

10. What connection does Schumpeter make between capitalism and sociological success?

(see the answer keys)

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