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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 was the title of Veblen's first book?

2. Veblen attacked the rich as he looked for what he called the __________. (fill in the blank)

3. Schumpeter presents his views about the 1930's in his book called __________. (fill in the blank)

4. What was the name of the publication of Engels' impressions after working for his father's textile business in England?

5. What is Marx's theory of valuation is called?

Short Essay Questions

1. What was the background of Karl Marx?

2. What is the background of John Maynard Keynes?

3. How did Frederic Bastiat ridicule economics?

4. What was the background of Thorstein Veblen?

5. What was the premise of The Communist Manifesto?

6. What is Joseph Schumpeter's background?

7. What was Francis Ysidro Edgeworth's theory?

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

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

10. What was dialectical materialism?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Both Malthus and Ricardo painted dreary pictures of the economic situation of their times. Discuss their individual theories and how they differed, as well as how the men themselves differed. Use specific evidence from the book to support your analysis.

Essay Topic 2

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

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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