Economics - Exam
A) Weather patterns B) Allocation of resources C) Historical events D) Sports statistics
A) Socialism B) Communism C) Capitalism D) Feudalism
A) Consumer Price Index (CPI) B) Gross Domestic Product (GDP) C) Trade Deficit D) Inflation Rate
A) The total value of all goods produced B) The next best alternative given up when a decision is made C) The price of goods and services D) Income earned from a job
A) Macroeconomics B) Microeconomics C) Sociology D) Political Science
A) Utility B) Subsidy C) Scarcity D) Equilibrium
A) Monopoly B) Trade-off C) Scarcity D) Surplus
A) Capital B) Normal good C) Consumer good D) Inferior good
A) Oligopoly B) Monopoly C) Perfect competition D) Monopolistic competition
A) Ancient Greek οἰκονομία (oikonomia), meaning 'the way to run a household' B) French for 'study of wealth' C) Latin for 'management of resources' D) German for 'science of markets'
A) Jean-Baptiste Say B) Adam Smith C) John Stuart Mill D) Thomas Carlyle
A) Adam Smith B) Jean-Baptiste Say C) Thomas Carlyle D) Alfred Marshall
A) Individual agents such as households and firms B) Market interactions at the micro level C) Behavior of economic agents in isolation D) Production, distribution, consumption, savings, and investment expenditure as systems
A) Alfred Marshall B) Adam Smith C) Lionel Robbins D) Jean-Baptiste Say
A) Jean-Baptiste Say B) Some subsequent commentators C) Alfred Marshall D) Adam Smith
A) James M. Buchanan and Ronald Coase B) Thomas Carlyle and Adam Smith C) Gary Becker and Jean-Baptiste Say D) Lionel Robbins and Alfred Marshall
A) Normative economics focuses on theoretical models B) Normative economics advocates what ought to be C) Normative economics analyzes rational behavior D) Normative economics describes what is
A) Only market transactions and financial systems B) Purely theoretical models without practical application C) Exclusively government policies D) Subjects like crime, education, health care, and the environment
A) Aristotle B) Xenophon C) The Boeotian poet Hesiod D) Adam Smith
A) Aristotle, particularly in the Nicomachean Ethics B) Joseph Schumpeter C) Hesiod D) Xenophon
A) Accumulation of gold and silver B) A single tax on landowners' income C) Importing inexpensive raw materials D) Protective tariffs on foreign goods
A) Promoting manufacturing over agriculture B) Accumulating gold and silver through trade C) Laissez-faire, or minimal government intervention D) Protective tariffs on foreign manufactured goods
A) Technological stagnation B) Market saturation C) Inflationary pressures D) Diminishing returns
A) 1876 B) 1867 C) 1897 D) 1887
A) Adam Smith and David Ricardo B) Karl Kautsky, Rudolf Hilferding, Vladimir Lenin, Rosa Luxemburg C) John Maynard Keynes and Milton Friedman D) Alfred Marshall and Paul Samuelson
A) Total utility measurement B) Labor theory of value C) The economic problem D) Market equilibrium
A) Alfred Marshall B) Mary Paley Marshall C) Lionel Robbins D) Jean-Baptiste Say
A) Controlling government spending. B) Inflation targeting. C) Maximizing employment levels. D) Upholding a fixed exchange rate system.
A) Specialisation B) Protectionism C) Isolationism D) Diversification
A) Dynamic stochastic general equilibrium (DSGE) models B) Monetarist policy models C) Classical general equilibrium models D) Keynesian cross models
A) Monetary policy B) Fiscal policy C) Inflation D) High labour-market unemployment
A) Robert Shiller B) Amos Tversky C) Richard Thaler D) Daniel Kahneman
A) 50% B) 75% C) 19% D) 5%
A) 20th century B) 19th century C) 18th century D) 21st century
A) There is always a surplus of goods. B) Prices continuously fluctuate without stabilization. C) Demand consistently exceeds supply. D) Quantity supplied equals quantity demanded, stabilizing the price.
A) Esther Duflo B) Mary Paley Marshall C) Anna Schwartz D) Elinor Ostrom
A) Gini coefficient. B) Lorenz curve. C) Human Development Index. D) Coefficient of variation.
A) Dynamic efficiency B) Technical efficiency C) Allocative efficiency D) Pareto efficiency
A) Two-dimensional graphs. B) Three-dimensional models. C) Statistical software simulations. D) Narrative descriptions.
A) Lawrence Klein B) Alvin Hansen C) John Hicks D) Franco Modigliani
A) Chicago School B) Keynesian Economics C) Ecological Economics D) Austrian School
A) Eliminating the need for credit creation. B) Facilitating trade by reducing transaction costs. C) Promoting barter systems. D) Increasing the complexity of transactions.
A) Information asymmetries B) Public goods C) Natural monopoly D) Externalities
A) John Maynard Keynes B) Alvin Hansen C) Milton Friedman D) Robert Lucas
A) No trade occurring between developed and developing countries. B) Developing countries specializing in high-tech knowledge products. C) Developed countries producing high-tech products while trading with developing nations for labor-intensive goods. D) Both types of countries produce only low-tech products.
A) Perfectly competitive markets B) Monopolistic competition C) Oligopoly D) Duopoly
A) Keynesian Economics B) Chicago School C) Austrian School D) Post-Keynesian Economics
A) Information asymmetry. B) Moral hazard. C) Adverse selection. D) Market for lemons.
A) Oligopoly B) Perfect competition C) Monopoly D) Monopolistic competition
A) Labor market policies B) Monetary policy C) Trade policies D) Supply-side economics
A) Risk aversion. B) Information asymmetry. C) Moral hazard. D) Adverse selection.
A) Oligopoly B) Duopoly C) Monopolistic competition D) Monopsony
A) Support from policymakers B) General consensus among economists C) The falsifiable hypothesis surviving tests D) Publication in a prestigious journal
A) Thomas Sargent B) John Maynard Keynes C) Robert Lucas D) Milton Friedman
A) Rational expectations B) Laissez-faire capitalism C) Supply-side economics D) Keynesian multiplier effect
A) Susan Athey B) Claudia Goldin C) Elinor Ostrom D) Esther Duflo
A) The Keynesian critique B) The Hicks-Hansen critique C) The Friedman critique D) The Lucas critique
A) Public goods B) Information asymmetries C) Externalities D) Natural monopoly
A) It solely controls inflation B) It can influence aggregate demand C) It only affects long-term growth D) It is irrelevant for economic stability
A) Monetarism. B) Keynesian economics. C) Public choice theory. D) Classical economics.
A) Cluster analysis B) Regression analysis C) Factor analysis D) Descriptive statistics
A) Subsidizing public goods B) Regulations reflecting cost-benefit analysis C) Encouraging monopolies D) Market solutions
A) Air pollution B) Education C) Technical monopoly D) Public parks
A) There is no change in market dynamics. B) Demand exceeds supply, increasing prices. C) The quantity demanded equals the quantity supplied. D) A surplus occurs, pushing prices down. |
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