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