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