1) The view that people are not merely "lightning fast calculators," but instead are creatures of instinct and habit was central to the theories of: (a) neoclassicals (b) institutionalists. (c) classicals. (d) Austrians.

2) Thomas Robert Malthus distinguished preventive from positive checks on population growth. Examples that Malthus would have given of positive checks on population would not include: (a) disease. (b) wars and famines. (c) infanticide (d) none.

3) General equilibrium theory is an analysis of the economy in which a) market processes are vivid. b) government intervention is nonexistent.c) formal models fails. d) all sectors are considered simultaneously.

4) "Captains of industry," conspicuous leisure," and "pecuniary emulation" are terms best associated with: (a) Carl Menger. (b) Thorstein Veblen. (c) William Stanley Jevons. (d) Leon Walras.

5) The idea that the price of a produced good reflects, the labor embodied in it, but not the subjective usefulness of the last unit purchased is based on the concept of: (a) labor theory of value. (b) marginal value theory. (c) marginal utility. (d) the wages-fund theory.

6) The early theorist who thought population would outgrow food supply, but who did not consider technology as a factor that would keep this from occurring was: (a) Thorstein Veblen. (b) Thomas Robert Malthus. (c) William Stanley Jevons. (d). Karl Marx

7) David Ricardo's economic analysis and social philosophy were least shaped by ideas developed by: (a) Thomas Robert Malthus. (b) Jean-Baptiste Say. (c) Adam Smith. (d) John Stuart Mill.

8) A famous debate about the relative merits of historical analysis versus abstract modeling featured arguments between: (a) German Historical School - Austrian School. (b) German Historical School - Institutional School. (c) Institutional School - Austrian School. (d) Neoclassical School - Austrian School.

9) "As the economy continued to grow, profits would be eventually squeezed out by rents and wages.In the limit, a "stationary state" would be reached where capitalists will be making near-zero profits and no further accumulation would occur."

Contrary to ---------before him, ---------------took an optimistic view on the future stationary state.

(a) Thomas Robert Malthus / David Ricardo. (b) Jean-Baptiste Say / Adam Smith. (c) David Ricardo / John Stuart Mill (d). Adam Smith / Carl Menger

10) The assumptions (though implicit for some thinkers) of classical and neoclassical economic theorists that culture and historical time are irrelevant for useful economic analysis was strongly rejected by: (a) German Historical School(b) Marginalist American School. (c) Austrian School. (d) French Physiocrat School.

11) The Marxist theory of dialectical materialism theoretically follows a sequence: (a) synthesis thesis antithesis. (b) antithesis synthesis thesis. (c) thesis antithesis synthesis. (d) synthesis antithesis thesis.

12) Theorists who formalized economics by rigorously introducing mathematics and then elaborating on the importance of marginal analysis would include: (a) members of the Fabian and Utopian schools of thought (b) German historicists and American institutionalists. (c) Isaac Newton, Richard Cantillon, John Law, and Albertus Magnus. (d). William Stanley Jevons, Carl Menger and Lon Walras.

13) The Austrian School of economic thought is widely acknowledged to have been born in the writings of: (a) Joseph Schumpeter. (b) Leon Walras. (c) Carl Menger. (d) Otto von Bismarck.

14) John Stuart Mill, the celebrated philosopher who wrote Utilitarianism, is renowned among economists for: (a) using calculus to further develop economic theory. (b) his recantation of the wages fund. (c) for being the first economist to distinguish between market price and intrinsic value. (d) being the first notable classical economist.

15) Which of the following is not one of the instincts that Veblen referred to in his explanation of human behavior: (a) institutional instinct. (b) parental bent (c) idle curiosity. (d) workmanship.

16) The early theorist who thought population would outgrow food supply, but who did not consider technology as a factor that would keep this from occurring was: (a) David Ricardo. (b) Adam Smith. (c) William Stanley Jevons. (d) Thomas Robert Malthus.

17) Building blocks for a capitalist system does not include: (a) private property rights. (b) comparisons of utility. (c) market-determined prices and outputs. (d) laissez-faire policies.

18) History unfolds from dialectical interactions of material things and events that are crystallized in class struggle according to the theories of: (a) Karl Marx. (b) Carl Menger. (c) Fabian Proudhon. (d) Georg Hegel.

19) Explicit treatments of marginal analysis were least central to the writings of: (a) William Stanley Jevons. (b) Lon Walras. (c) John Stuart. Mill. (d) Carl Menger.

20) Reverse Robin Hood effect occurs when: (a) individuals have different marginal utility of income functions. (b) there is ideal distribution of income. (c) history is the product of class struggle. (d) utility functions are discontinuous.

21) The individual who would condemn most adamantly the notion that utilitarian calculation is the foundation for human behavior would have been: (a) Jeremy Bentham. (b) Thorstein Veblen. (c) Alfred Marshall. (d) Friedrich Wieser.

22) Carl Menger was particularly against the methodology of (a) marginalists. (b) German historicism. (c) neoclassicism. (d) Keynesian theory.

23) The "Socialist Calculation Debate" refers to a disagreement between Austrian theorists and advocates of socialism about whether capitalism: (a) must eventually evolve into socialism. (b) or socialism is more compatible with maximizing freedom. (c) or socialism allocates resources more efficiently. (d) is a necessary stage in the long run transition to socialism.

24) Marxists believe that: (a) human history can be interpreted as resolutions of conflicts between the people of different economic classes. (b) pure history is a mathematical science. (c) changes in human ideas are responsible for the unfolding of history. (d) historical change can be ignored because only the present and future matter.

25) Alfred Marshall is renowned as a: (a) synthesizer of instituonal economics. (b) methodologist who formalized general equilibrium analysis. (c) prominent British historicist. (d) developer of techniques to measure of elasticities.

26) The economist who most believed that the Ricardian stationary state could allow freedom for people to pursue loftier goals, i.e. "an improvement in the art of living" and the reduction of human toil and drudgery was: (a) John Suart Mill. (b) Karl Marx. (c) Robert Owen. (d) James Mill.

27) The famous institutionalist economist who most prominently and successfully championed social and economic reform through regulation in the US was: (a) Thorstein Veblen. (b) Wesley Clair Mitchell. (c) John R. Commons. (d) Clarence Ayers.

28) Alfred Marshall and Leon Walras formalized and then popularized the analytical techniques known as: (a) partial equilibrium analysis and general equilibrium analysis (b) felicific calculus and differential equations. (c) glut theory and stationary state. (d) instinct-habit theory.

29) In his analysis of the economics of capitalism, Marx used, with a few exceptions, the basic tools of classical economics, particularly Ricardian theory. Which of the following is not one of his assumptions: a) neutral money b) dimishing returns in manufacture c) perfect competition d) a rational economic man.

30) Marx argued that exploitation of ---------- is the source of capital accumulation by capitalist enterprises which seek to increase --------- value by substituting --------- for labor: (a) capital -labor - surplus. (b) wage - labor - rates. (c) rent - capital - labor. (d) labor - surplus - capital.

31) How did Veblen define institutions? (a) extractive and inclusive. (b) formal and informal. (c) habits of thought. (d) utilitarian.

32) The motives and behavior of wealthy people who drive ultraluxurious cars, wear flashy clothing and jewelry, cruise in sumptuous yachts, and own enormous homes were addressed by -------------in his/her book-----------------: (a) David Ricardo / Principles of Political Economy and Taxation. (b) Adam Smith / Wealth of Nations. (c) Thorstein veblen / The Theory of the Leisure Class (d) Thomas Robert Malthus / Principles of Consumption.

33) Thomas Robert Malthus disagreed with the Say's Law which states that markets clear. Malthus asserted that common occurrences in markets for goods would be: (a) excess supply. (b) shortages. (c) equilibrium. (d) comparative advantage.

34) In the Wealth of Nations, Adam Smith argues that a nation's true wealth is its ability to: (a) acquire stocks of financial capital. (b) enhance its produvtive capacities. (c) accumulate gold and silver. (d) tax its people, reinvest tax revenues, and build surpluses in its treasury.