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