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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. Where did Karl Marx and Friedrich Engels meet?

2. Where was Veblen raised on a farm?

3. According to Marx, workers are paid _________. (fill in the blank)

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

5. Henry George's favorite idea was called __________. (fill in the blank)

Short Essay Questions

1. What kind of tax did Henry George propose?

2. What was Keynes theory about savings?

3. What was the flaw in capitalism according to Hobson?

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

5. What was Francis Ysidro Edgeworth's theory?

6. What was dialectical materialism?

7. How did Frederic Bastiat ridicule economics?

8. What is the premise of Joseph Schumpeter's The Theory of Economic Development?

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

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Why, even with all of the economic issues that confront society, are most economists not classified as worldly philosophers? Answer fully through the historical context of the great economic thinkers discussed in the book.

Essay Topic 2

Who were the underground economists? What were their theories? What was the historical significance of these theories?

Essay Topic 3

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

(see the answer keys)

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