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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What kind of survival has man faced from the earliest days on?

2. What describes how investment can lead to greater output?

3. Dr. Richard Price felt that the population had declined by how much?

4. By what year had crops reached near famine levels in England?

5. By what decade was Malthus proved wrong?

Short Essay Questions

1. What were the beliefs of the Saint-Simonians?

2. What was New Lanark?

3. Who was Count Henri de Rouvroy de Saint-Simone?

4. Why was Ricardo against the Corn Laws?

5. What is Adam Smith's Invisible Hand Theory?

6. What does Heilbroner say that economists provide?

7. How did the Corn Laws benefit the landowners?

8. How did Charles Fourier propose to reorganize the Earth he believed was characterized by chaos and unhappiness?

9. How was English society divided at the time of Adam Smith?

10. Why did economics not begin with Adam Smith as many people believe?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Explain from a historical standpoint how the market system came into existence. Include specific dates, events, etc. to support your explanation.

Essay Topic 2

What are Veblen's theories on capitalism and how were they received by society at the time?

Essay Topic 3

Why did Keynes think business cycles had to be countered by government intervention? What did he call this and what did he propose governments do? How did this vary from Adam Smith's views?

(see the answer keys)

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