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