Welfare economics - Quiz
A) John Maynard Keynes B) Vilfredo Pareto C) Milton Friedman D) Adam Smith
A) Laissez-faire B) Utilitarianism C) Monetarism D) Keynesian economics
A) Economic prosperity reached through competition B) When markets do not allocate resources efficiently C) Excessive government regulation in the market D) Successful coordination of supply and demand
A) Negative impacts on market efficiency B) Costs borne by those who did not benefit from a transaction C) Direct financial gains from market exchanges D) Benefits received by individuals not directly involved in a market transaction
A) Income tax B) Sales tax C) Value-added tax D) Progressive tax
A) Luxury cars B) Fast food C) National defense D) Designer clothing
A) Market failure B) Pareto efficiency C) Regulatory capture D) Monopoly pricing
A) Labor force participation B) Market demand C) Inflation rate D) Income inequality
A) Perfect competition B) Information asymmetry C) Public goods D) Externalities
A) Game theory. B) Market equilibrium theory. C) Behavioral economics. D) Social choice theory.
A) Keynesian economics B) Austrian economics C) Neoclassical economics D) Marxist economics
A) Points on a contract curve B) The grand utility frontier C) The social indifference 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) A strategy to increase overall market competition D) Any policy change that reduces taxes
A) Marxist tradition B) Austrian tradition C) Benthamite tradition D) Keynesian tradition
A) Long run declining average costs. B) Constant average costs. C) Increasing average costs in the long run. D) Short run declining 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) Tax revenue generated from consumer spending D) Total cost of production for a given product
A) The principle of redistribution. B) The concept of perfect competition. C) The logic of Adam Smith's invisible hand. D) The idea of market failure.
A) Minimizing government intervention in economic activities B) Maximizing overall happiness or utility in society C) Promoting individual rights and liberties D) Encouraging competition for market efficiency
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) Cost–benefit analysis. B) Supply and demand analysis. C) Game theory. D) Monetary policy.
A) Arrow's impossibility theorem B) Smith's invisible hand theorem C) Keynesian equilibrium theorem D) Pareto's efficiency theorem
A) Taxes have no impact on market efficiency B) Taxes always lead to inefficiency C) Taxes can counteract inefficiencies like externalities. D) Taxes are only used for revenue generation
A) It was concerned with actions an omnipotent social planner should undertake. B) It was primarily about market efficiency. C) It dealt with international trade policies. D) It focused on individual utility maximization.
A) Upward sloping to the right. B) Circular in shape. C) Linear and downward sloping to the right. D) Two straight lines forming a 90-degree angle. |
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