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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. When were Schumpeter's theories considered true?
(a) Only in theory.
(b) Only in Europe.
(c) In the long-run.
(d) In the short-run.

2. Keynes felt the business cycles had to be countered by __________. (fill in the blank)
(a) Leaving the markets alone.
(b) Government intervention.
(c) Higher wages.
(d) Private investors.

3. According to Engels and Marx, what does "dialectical" mean?
(a) Discussion.
(b) Chance.
(c) Change.
(d) Diverse.

4. Keynes defines prosperity and depression in terms of what?
(a) Income.
(b) Output.
(c) Production.
(d) Distribution.

5. When investment is less than ___________ , there is depression. (fill in the blank)
(a) Income.
(b) Output.
(c) Spending.
(d) Savings.

Short Answer Questions

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

2. Because John A. Hobson was labeled as a __________, he turned his attention to South Africa. (fill in the blank)

3. How old was Veblen when he got his first paying job?

4. Why does Keynes resign his position from the Peace Conference?

5. The Victorian period marked the beginning of what important movement?

Short Essay Questions

1. What was Keynes theory about savings?

2. What is Joseph Schumpeter's background?

3. What was the surplus value theory?

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

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

6. What was the background of Karl Marx?

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

8. What kind of tax did Henry George propose?

9. What was the premise of The Communist Manifesto?

10. Which of Marx's concepts turned out to be true?

(see the answer keys)

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