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