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