A) Vilfredo Pareto B) Adam Smith C) John Maynard Keynes D) Milton Friedman
A) Utilitarianism B) Laissez-faire C) Keynesian economics D) Monetarism
A) When markets do not allocate resources efficiently B) Successful coordination of supply and demand C) Economic prosperity reached through competition D) Excessive government regulation in the market
A) Direct financial gains from market exchanges B) Negative impacts on market efficiency C) Costs borne by those who did not benefit from a transaction D) Benefits received by individuals not directly involved in a market transaction
A) Sales tax B) Income tax C) Progressive tax D) Value-added tax
A) Profit margin for producers 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) Total cost of production for a given product
A) Maximizing overall happiness or utility in society B) Encouraging competition for market efficiency C) Promoting individual rights and liberties D) Minimizing government intervention in economic activities
A) National defense B) Fast food C) Designer clothing D) Luxury cars
A) Neoclassical economics B) Marxist economics C) Keynesian economics D) Austrian economics
A) Externalities B) Perfect competition C) Information asymmetry D) Public goods
A) Labor force participation B) Inflation rate C) Income inequality D) Market demand
A) A change that benefits at least one person without making anyone else worse off B) Government intervention to redistribute wealth C) Any policy change that reduces taxes D) A strategy to increase overall market competition
A) Monopoly pricing B) Regulatory capture C) Pareto efficiency D) Market failure |