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