A) Vilfredo Pareto
B) John Maynard Keynes
C) Adam Smith
D) Milton Friedman

A) Monetarism
B) Utilitarianism
C) Laissez-faire
D) Keynesian economics

A) Economic prosperity reached through competition
B) Successful coordination of supply and demand
C) Excessive government regulation in the market
D) When markets do not allocate resources efficiently

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) Value-added tax
B) Sales tax
C) Income tax
D) Progressive tax

A) National defense
B) Designer clothing
C) Fast food
D) Luxury cars

A) Pareto efficiency
B) Regulatory capture
C) Market failure
D) Monopoly pricing

A) Income inequality
B) Market demand
C) Labor force participation
D) Inflation rate

A) Public goods
B) Externalities
C) Information asymmetry
D) Perfect competition

A) A change that benefits at least one person without making anyone else worse off
B) Government intervention to redistribute wealth
C) A strategy to increase overall market competition
D) Any policy change that reduces taxes

A) Keynesian economics
B) Marxist economics
C) Neoclassical economics
D) Austrian economics

A) Tax revenue generated from consumer spending
B) Profit margin for producers
C) Total cost of production for a given product
D) The difference between what consumers are willing to pay for a good/service and what they actually pay

A) Minimizing government intervention in economic activities
B) Promoting individual rights and liberties
C) Maximizing overall happiness or utility in society
D) Encouraging competition for market efficiency

A) Game theory.
B) Monetary policy.
C) Supply and demand analysis.
D) Cost–benefit analysis.

A) Market equilibrium theory.
B) Social choice theory.
C) Game theory.
D) Behavioral economics.

A) It was concerned with actions an omnipotent social planner should undertake.
B) It dealt with international trade policies.
C) It focused on individual utility maximization.
D) It was primarily about market efficiency.

A) The efficiency of competitive markets.
B) The validity of utilitarianism in economics.
C) Whether rational collective selection rules could derive social welfare functions from individual preferences.
D) The impact of government intervention on welfare.

A) Austrian tradition
B) Marxist tradition
C) Keynesian tradition
D) Benthamite tradition

A) Constant average costs.
B) Increasing average costs in the long run.
C) Long run declining average costs.
D) Short run declining average costs.

A) The concept of perfect competition.
B) The idea of market failure.
C) The logic of Adam Smith's invisible hand.
D) The principle of redistribution.

A) The social indifference curve
B) The production possibility frontier
C) Points on a contract curve
D) The grand utility frontier