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