Welfare economics - Exam
A) Milton Friedman B) Vilfredo Pareto C) John Maynard Keynes D) Adam Smith
A) Monetarism B) Keynesian economics C) Utilitarianism D) Laissez-faire
A) Excessive government regulation in the market B) When markets do not allocate resources efficiently C) Economic prosperity reached through competition D) Successful coordination of supply and demand
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) Sales tax C) Income tax D) Progressive tax
A) National defense B) Fast food C) Designer clothing D) Luxury cars
A) Pareto efficiency B) Regulatory capture C) Monopoly pricing D) Market failure
A) Inflation rate B) Market demand C) Income inequality D) Labor force participation
A) Perfect competition B) Public goods C) Information asymmetry D) Externalities
A) Government intervention to redistribute wealth B) Any policy change that reduces taxes C) A strategy to increase overall market competition D) A change that benefits at least one person without making anyone else worse off
A) Marxist economics B) Neoclassical economics C) Austrian economics D) Keynesian economics
A) Profit margin for producers B) Total cost of production for a given product C) The difference between what consumers are willing to pay for a good/service and what they actually pay D) Tax revenue generated from consumer spending
A) Minimizing government intervention in economic activities B) Encouraging competition for market efficiency C) Maximizing overall happiness or utility in society D) Promoting individual rights and liberties
A) Game theory. B) Supply and demand analysis. C) Cost–benefit analysis. D) Monetary policy.
A) Social choice theory. B) Game theory. C) Market equilibrium theory. D) Behavioral economics.
A) It focused on individual utility maximization. B) It dealt with international trade policies. C) It was concerned with actions an omnipotent social planner should undertake. D) It was primarily about market efficiency.
A) The validity of utilitarianism in economics. B) Whether rational collective selection rules could derive social welfare functions from individual preferences. C) The efficiency of competitive markets. D) The impact of government intervention on welfare.
A) Marxist tradition B) Benthamite tradition C) Austrian tradition D) Keynesian tradition
A) Short run declining average costs. B) Increasing average costs in the long run. C) Long run declining average costs. D) Constant average costs.
A) The principle of redistribution. B) The idea of market failure. C) The logic of Adam Smith's invisible hand. D) The concept of perfect competition.
A) The grand utility frontier B) Points on a contract curve C) The social indifference curve D) The production possibility frontier
A) Smith's invisible hand theorem B) Arrow's impossibility 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) Two straight lines forming a 90-degree angle. B) Linear and downward sloping to the right. C) Circular in shape. D) Upward sloping to the right. |
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