Welfare economics - Quiz
A) John Maynard Keynes B) Vilfredo Pareto C) Milton Friedman D) Adam Smith
A) Utilitarianism B) Monetarism C) Laissez-faire D) Keynesian economics
A) Economic prosperity reached through competition B) When markets do not allocate resources efficiently C) Successful coordination of supply and demand D) Excessive government regulation in the market
A) Negative impacts on market efficiency B) Benefits received by individuals not directly involved in a market transaction C) Costs borne by those who did not benefit from a transaction D) Direct financial gains from market exchanges
A) Sales tax B) Progressive tax C) Value-added tax D) Income tax
A) Luxury cars B) Fast food C) Designer clothing D) National defense
A) Regulatory capture B) Market failure C) Pareto efficiency D) Monopoly pricing
A) Labor force participation B) Inflation rate C) Market demand D) Income inequality
A) Public goods B) Perfect competition C) Information asymmetry D) Externalities
A) Social choice theory. B) Game theory. C) Behavioral economics. D) Market equilibrium theory.
A) Neoclassical economics B) Austrian economics C) Marxist economics D) Keynesian economics
A) Points on a contract curve B) The grand utility frontier C) The production possibility frontier D) The social indifference curve
A) A strategy to increase overall market competition B) A change that benefits at least one person without making anyone else worse off C) Any policy change that reduces taxes D) Government intervention to redistribute wealth
A) Benthamite tradition B) Keynesian tradition C) Austrian tradition D) Marxist tradition
A) Short run declining average costs. B) Increasing average costs in the long run. C) Long run declining average costs. D) Constant average costs.
A) Profit margin for producers B) The difference between what consumers are willing to pay for a good/service and what they actually pay C) Total cost of production for a given product D) Tax revenue generated from consumer spending
A) The principle of redistribution. B) The concept of perfect competition. C) The idea of market failure. D) The logic of Adam Smith's invisible hand.
A) Encouraging competition for market efficiency B) Maximizing overall happiness or utility in society C) Minimizing government intervention in economic activities D) Promoting individual rights and liberties
A) Whether rational collective selection rules could derive social welfare functions from individual preferences. B) The efficiency of competitive markets. C) The impact of government intervention on welfare. D) The validity of utilitarianism in economics.
A) Game theory. B) Cost–benefit analysis. C) Monetary policy. D) Supply and demand analysis.
A) Pareto's efficiency theorem B) Arrow's impossibility theorem C) Smith's invisible hand theorem D) Keynesian equilibrium theorem
A) Taxes can counteract inefficiencies like externalities. B) Taxes are only used for revenue generation C) Taxes always lead to inefficiency D) Taxes have no impact on market efficiency
A) It dealt with international trade policies. B) It was primarily about market efficiency. C) It was concerned with actions an omnipotent social planner should undertake. D) It focused on individual utility maximization.
A) Linear and downward sloping to the right. B) Two straight lines forming a 90-degree angle. C) Circular in shape. D) Upward sloping to the right. |
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