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

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

3. In what year is Schumpeter's book Capitalism, Socialism and Democracy published?
(a) 1944.
(b) 1942.
(c) 1932.
(d) 1954.

4. Keynes received an appointment to a Royal Commission studying what?
(a) Monetary reform.
(b) Indian currency.
(c) Unemployment.
(d) The market crash.

5. The Victorian period marked the beginning of what important movement?
(a) Socialism.
(b) American democracy.
(c) European imperialism.
(d) Communism.

Short Answer Questions

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

2. When were Schumpeter's theories considered true?

3. What did Edgeworth use to support his theories?

4. Where was Joseph Schumpeter educated?

5. The Communist Manifesto first appeared in what year?

Short Essay Questions

1. What was the basic focus of Marx's Capital?

2. What was dialectical materialism?

3. What was the background of Karl Marx?

4. What was Keynes theory about savings?

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

6. What was the surplus value theory?

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

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

9. How did Frederic Bastiat ridicule economics?

10. What was Francis Ysidro Edgeworth's theory?

(see the answer keys)

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