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