A) A state of constant change B) A state of chaos in the market C) A state where supply equals demand D) A state of maximum production
A) Additional satisfaction gained from consuming one more unit of a good B) Total quantity of a good consumed C) Price of the last unit of a good purchased D) Total satisfaction gained from consuming a good
A) Phillips curve B) Chicago school of economics C) Keynesian economics D) Austrian economics
A) To design economic policies B) To study historical economic data C) To analyze strategic interactions between rational decision-makers D) To predict market trends
A) To optimize resource allocation given constraints B) To graph economic data C) To analyze historical trends D) To forecast future demand
A) The value of the best alternative forgone in order to make a particular choice B) Total cost of production C) Price of a good in a competitive market D) Cost of resources used in production
A) Elasticity of demand B) Cross-price elasticity C) Market equilibrium D) Income effect
A) Maximum total utility for all individuals B) Elimination of poverty C) Allocation of resources where no individual can be made better off without making another worse off D) Equal distribution of wealth
A) All combinations of goods that provide the same level of utility to a consumer B) Curve representing diminishing marginal utility C) Curve indicating increasing marginal utility D) Curve showing only one optimal choice
A) John Maynard Keynes B) Sir William Petty C) Gottfried Achenwall D) Johann Heinrich von Thünen
A) Political Arithmetick B) Mathematical Economics C) Economic Calculus D) Statistical Analysis
A) Johann Heinrich von Thünen B) W.S. Jevons C) Sir William Petty D) John Maynard Keynes
A) Gottfried Achenwall B) Friedrich Hayek C) Robert Heilbroner D) W.S. Jevons
A) Theoretical B) Mathematical C) Qualitative D) Empirical
A) Gottfried Achenwall, Sir William Petty B) John Maynard Keynes, Robert Heilbroner, Friedrich Hayek C) Johann Heinrich von Thünen, W.S. Jevons D) None of the above
A) Algebraic means B) Matrix algebra C) Game theory D) Differential calculus
A) Sir William Petty B) Johann Heinrich von Thünen C) Gottfried Achenwall D) W.S. Jevons
A) Augustin Cournot, Léon Walras, and Francis Ysidro Edgeworth B) Adam Smith, David Ricardo, and John Stuart Mill C) John Maynard Keynes, Milton Friedman, and Paul Samuelson D) Karl Marx, Friedrich Hayek, and Joseph Schumpeter
A) By the total quantity supplied by both sellers B) By the individual demand curve of each seller C) By government regulation D) By the cost of production for each seller
A) Walrasian equilibrium B) Nash equilibrium C) Kaldor-Hicks efficiency D) Pareto efficiency
A) Neglected for decades B) Immediately accepted and celebrated C) Rejected entirely without consideration D) Implemented in policy immediately
A) Three B) Four C) Five D) Two
A) Markets cannot reach equilibrium independently B) Only one market needs to clear for all others to follow C) All markets must clear simultaneously D) If n-1 markets cleared, the nth market would clear as well
A) Five B) Two C) Three D) Four
A) Physics B) Economics C) Operations research D) Pure mathematics
A) Journal of Political Economy B) The American Economic Review C) Quarterly Journal of Economics D) Econometrica
A) Functional analysis B) Fixed-point theory C) Optimal control theory D) Variational calculus
A) Applied calculus of economics B) Automated computational engineering C) Agent-based computational economics D) Advanced computational econometrics
A) Econometric Society B) National Bureau of Economic Research C) The Cowles Commission D) American Economic Association
A) John Harsanyi B) John Nash C) Oskar Morgenstern D) Reinhard Selten
A) About the 1990s B) Late 1970s C) Mid-2000s D) Early 1980s
A) "Objectively determined valuations" B) "Optimal functions" C) "Market equilibria" D) "Economic variables"
A) Alfred Marshall B) Milton Friedman C) John Maynard Keynes D) Adam Smith
A) Invisible hand hypothesis B) Pareto efficient C) Walrasian equilibrium D) Comparative statics
A) Jeremy Bentham B) Arthur Lyon Bowley C) Harold Hotelling D) Edwin Robert Anderson Seligman
A) Wassily Leontief B) Von Neumann C) Paul Samuelson D) Leonid Kantorovich
A) Cuban Missile Crisis B) World War I C) Cold War D) Berlin airlift (1948)
A) Arrow–Debreu models B) Leontief technologies C) von Neumann technologies D) Linear programming techniques
A) Pareto efficiency B) Brouwer's fixed point theorem C) Von Neumann's equilibrium model D) Le Chatelier's principle
A) Alfred Marshall B) Paul Samuelson C) John von Neumann D) Vilfredo Pareto
A) Edwin Robert Anderson Seligman B) Arthur Lyon Bowley C) Jeremy Bentham D) Harold Hotelling
A) 1965 B) 1994 C) 1951 D) 1944
A) Ragnar Frisch B) Nicholas Kaldor C) Trygve Haavelmo D) Henry L. Moore
A) Input-output economics B) General equilibrium theory C) Microeconomics D) Macroeconomics
A) 1881 B) 1924 C) 1878 D) 1905
A) Functional analytic methods including topology B) Dynamic programming C) Convex sets and fixed-point theory D) Optimal control theory
A) 2001 B) 1985 C) 1994 D) 2010
A) Graph theory B) Differential calculus C) Convex sets D) Linear programming
A) Empirical B) Static C) Dynamic D) Probabilistic
A) Ragnar Frisch B) Trygve Haavelmo C) Nicholas Kaldor D) Henry L. Moore
A) Minimize f(x) B) Maximize f(x) C) Equalize g_i(x) D) Solve h_j(x)
A) 1925 B) 1892 C) 1944 D) 1933
A) Statistics B) Econometrics C) Programming D) Mathematics
A) Economic problems with many variables B) Simple arithmetic calculations C) Qualitative research studies D) Basic economic theory
A) Utilitarianism B) Felicific calculus C) Opportunity cost D) Marginal utility
A) 10% B) 15% C) 20% D) 5.8%
A) Complex adaptive systems B) Behavioral finance C) Classical mechanics D) Quantum economics
A) Neoclassical schools B) The Chicago school C) Keynesian school D) The Austrian school
A) Models should not be judged by their predictive performance. B) Assumptions are irrelevant to model performance. C) Assumptions should always match reality. D) 'All assumptions are unrealistic.'
A) Trygve Haavelmo B) Henry L. Moore C) Nicholas Kaldor D) Ragnar Frisch
A) Linear functions B) Polyhedral convex functions C) Non-convex functions D) Quadratic functions
A) 1950s B) 1940s C) 1930s D) 1960s |