A) A state of constant change B) A state where supply equals demand C) A state of maximum production D) A state of chaos in the market
A) Additional satisfaction gained from consuming one more unit of a good B) Price of the last unit of a good purchased C) Total satisfaction gained from consuming a good D) Total quantity of a good consumed
A) Keynesian economics B) Chicago school of economics C) Austrian economics D) Phillips curve
A) To predict market trends B) To design economic policies C) To analyze strategic interactions between rational decision-makers D) To study historical economic data
A) To forecast future demand B) To optimize resource allocation given constraints C) To graph economic data D) To analyze historical trends
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) Total cost of production D) Cost of resources used in production
A) Income effect B) Elasticity of demand C) Cross-price elasticity D) Market equilibrium
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) 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) Sir William Petty B) John Maynard Keynes C) Gottfried Achenwall D) Johann Heinrich von Thünen
A) Statistical Analysis B) Economic Calculus C) Mathematical Economics D) Political Arithmetick
A) John Maynard Keynes B) Johann Heinrich von Thünen C) Sir William Petty D) W.S. Jevons
A) Gottfried Achenwall B) W.S. Jevons C) Robert Heilbroner D) Friedrich Hayek
A) Mathematical B) Empirical C) Qualitative D) Theoretical
A) Gottfried Achenwall, Sir William Petty B) None of the above C) Johann Heinrich von Thünen, W.S. Jevons D) John Maynard Keynes, Robert Heilbroner, Friedrich Hayek
A) Game theory B) Matrix algebra C) Differential calculus D) Algebraic means
A) W.S. Jevons B) Sir William Petty C) Gottfried Achenwall D) Johann Heinrich von Thünen
A) Karl Marx, Friedrich Hayek, and Joseph Schumpeter B) Adam Smith, David Ricardo, and John Stuart Mill C) John Maynard Keynes, Milton Friedman, and Paul Samuelson D) Augustin Cournot, Léon Walras, and Francis Ysidro Edgeworth
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) Pareto efficiency B) Walrasian equilibrium C) Nash equilibrium D) Kaldor-Hicks efficiency
A) Implemented in policy immediately B) Immediately accepted and celebrated C) Neglected for decades D) Rejected entirely without consideration
A) Three B) Five C) Two D) Four
A) Only one market needs to clear for all others to follow B) All markets must clear simultaneously C) If n-1 markets cleared, the nth market would clear as well D) Markets cannot reach equilibrium independently
A) Four B) Three C) Five D) Two
A) Operations research B) Pure mathematics C) Economics D) Physics
A) The American Economic Review B) Quarterly Journal of Economics C) Journal of Political Economy D) Econometrica
A) Variational calculus B) Functional analysis C) Fixed-point theory D) Optimal control theory
A) Advanced computational econometrics B) Applied calculus of economics C) Automated computational engineering D) Agent-based computational economics
A) The Cowles Commission B) American Economic Association C) Econometric Society D) National Bureau of Economic Research
A) Reinhard Selten B) John Harsanyi C) John Nash D) Oskar Morgenstern
A) Early 1980s B) About the 1990s C) Mid-2000s D) Late 1970s
A) "Objectively determined valuations" B) "Market equilibria" C) "Economic variables" D) "Optimal functions"
A) John Maynard Keynes B) Alfred Marshall C) Milton Friedman D) Adam Smith
A) Pareto efficient B) Invisible hand hypothesis C) Walrasian equilibrium D) Comparative statics
A) Harold Hotelling B) Edwin Robert Anderson Seligman C) Arthur Lyon Bowley D) Jeremy Bentham
A) Wassily Leontief B) Paul Samuelson C) Von Neumann D) Leonid Kantorovich
A) Berlin airlift (1948) B) Cold War C) Cuban Missile Crisis D) World War I
A) von Neumann technologies B) Arrow–Debreu models C) Linear programming techniques D) Leontief technologies
A) Von Neumann's equilibrium model B) Pareto efficiency C) Le Chatelier's principle D) Brouwer's fixed point theorem
A) Paul Samuelson B) John von Neumann C) Vilfredo Pareto D) Alfred Marshall
A) Arthur Lyon Bowley B) Harold Hotelling C) Edwin Robert Anderson Seligman D) Jeremy Bentham
A) 1994 B) 1944 C) 1951 D) 1965
A) Henry L. Moore B) Ragnar Frisch C) Trygve Haavelmo D) Nicholas Kaldor
A) General equilibrium theory B) Microeconomics C) Input-output economics D) Macroeconomics
A) 1905 B) 1924 C) 1881 D) 1878
A) Dynamic programming B) Convex sets and fixed-point theory C) Functional analytic methods including topology D) Optimal control theory
A) 1985 B) 2010 C) 2001 D) 1994
A) Linear programming B) Graph theory C) Differential calculus D) Convex sets
A) Empirical B) Dynamic C) Static D) Probabilistic
A) Henry L. Moore B) Ragnar Frisch C) Trygve Haavelmo D) Nicholas Kaldor
A) Solve h_j(x) B) Maximize f(x) C) Minimize f(x) D) Equalize g_i(x)
A) 1925 B) 1944 C) 1892 D) 1933
A) Econometrics B) Mathematics C) Programming D) Statistics
A) Qualitative research studies B) Basic economic theory C) Simple arithmetic calculations D) Economic problems with many variables
A) Utilitarianism B) Marginal utility C) Felicific calculus D) Opportunity cost
A) 20% B) 10% C) 15% D) 5.8%
A) Complex adaptive systems B) Behavioral finance C) Classical mechanics D) Quantum economics
A) Keynesian school B) Neoclassical schools C) The Chicago school D) The Austrian school
A) Assumptions are irrelevant to model performance. B) Assumptions should always match reality. C) Models should not be judged by their predictive performance. D) 'All assumptions are unrealistic.'
A) Henry L. Moore B) Nicholas Kaldor C) Trygve Haavelmo D) Ragnar Frisch
A) Linear functions B) Quadratic functions C) Polyhedral convex functions D) Non-convex functions
A) 1950s B) 1960s C) 1930s D) 1940s |