A) A state of maximum production B) A state where supply equals demand C) A state of constant change D) A state of chaos in the market
A) Price of the last unit of a good purchased B) Total satisfaction gained from consuming a good C) Total quantity of a good consumed D) Additional satisfaction gained from consuming one more unit of a good
A) Chicago school of economics B) Austrian economics C) Phillips curve D) Keynesian economics
A) To predict market trends B) To design economic policies C) To study historical economic data D) To analyze strategic interactions between rational decision-makers
A) To forecast future demand B) To analyze historical trends C) To graph economic data D) To optimize resource allocation given constraints
A) Total cost of production B) The value of the best alternative forgone in order to make a particular choice C) Cost of resources used in production D) Price of a good in a competitive market
A) Market equilibrium B) Income effect C) Cross-price elasticity D) Elasticity of demand
A) Elimination of poverty B) Maximum total utility for all individuals C) Equal distribution of wealth D) Allocation of resources where no individual can be made better off without making another worse off
A) Curve indicating increasing marginal utility B) Curve representing diminishing marginal utility C) Curve showing only one optimal choice D) All combinations of goods that provide the same level of utility to a consumer
A) John Maynard Keynes B) Gottfried Achenwall C) Sir William Petty D) Johann Heinrich von Thünen
A) Statistical Analysis B) Mathematical Economics C) Political Arithmetick D) Economic Calculus
A) Sir William Petty B) W.S. Jevons C) John Maynard Keynes D) Johann Heinrich von Thünen
A) Friedrich Hayek B) Robert Heilbroner C) Gottfried Achenwall D) W.S. Jevons
A) Qualitative B) Empirical C) Mathematical D) Theoretical
A) Johann Heinrich von Thünen, W.S. Jevons B) John Maynard Keynes, Robert Heilbroner, Friedrich Hayek C) Gottfried Achenwall, Sir William Petty D) None of the above
A) Matrix algebra B) Algebraic means C) Differential calculus D) Game theory
A) W.S. Jevons B) Sir William Petty C) Johann Heinrich von Thünen D) Gottfried Achenwall
A) Augustin Cournot, Léon Walras, and Francis Ysidro Edgeworth B) Karl Marx, Friedrich Hayek, and Joseph Schumpeter C) John Maynard Keynes, Milton Friedman, and Paul Samuelson D) Adam Smith, David Ricardo, and John Stuart Mill
A) By government regulation B) By the total quantity supplied by both sellers C) By the cost of production for each seller D) By the individual demand curve of each seller
A) Kaldor-Hicks efficiency B) Walrasian equilibrium C) Pareto efficiency D) Nash equilibrium
A) Immediately accepted and celebrated B) Neglected for decades C) Implemented in policy immediately D) Rejected entirely without consideration
A) Three B) Four C) Two D) Five
A) All markets must clear simultaneously B) If n-1 markets cleared, the nth market would clear as well C) Markets cannot reach equilibrium independently D) Only one market needs to clear for all others to follow
A) Three B) Five C) Two D) Four
A) Operations research B) Physics C) Economics D) Pure mathematics
A) Econometrica B) Quarterly Journal of Economics C) Journal of Political Economy D) The American Economic Review
A) Fixed-point theory B) Variational calculus C) Functional analysis D) Optimal control theory
A) Applied calculus of economics B) Automated computational engineering C) Advanced computational econometrics D) Agent-based computational economics
A) Econometric Society B) American Economic Association C) The Cowles Commission D) National Bureau of Economic Research
A) Oskar Morgenstern B) John Nash C) Reinhard Selten D) John Harsanyi
A) Late 1970s B) Early 1980s C) Mid-2000s D) About the 1990s
A) "Optimal functions" B) "Economic variables" C) "Objectively determined valuations" D) "Market equilibria"
A) Adam Smith B) Milton Friedman C) Alfred Marshall D) John Maynard Keynes
A) Walrasian equilibrium B) Invisible hand hypothesis C) Pareto efficient D) Comparative statics
A) Edwin Robert Anderson Seligman B) Harold Hotelling C) Arthur Lyon Bowley D) Jeremy Bentham
A) Paul Samuelson B) Von Neumann C) Leonid Kantorovich D) Wassily Leontief
A) Cold War B) World War I C) Berlin airlift (1948) D) Cuban Missile Crisis
A) Linear programming techniques B) Leontief technologies C) von Neumann technologies D) Arrow–Debreu models
A) Pareto efficiency B) Brouwer's fixed point theorem C) Le Chatelier's principle D) Von Neumann's equilibrium model
A) John von Neumann B) Alfred Marshall C) Vilfredo Pareto D) Paul Samuelson
A) Edwin Robert Anderson Seligman B) Arthur Lyon Bowley C) Jeremy Bentham D) Harold Hotelling
A) 1965 B) 1994 C) 1944 D) 1951
A) Nicholas Kaldor B) Ragnar Frisch C) Henry L. Moore D) Trygve Haavelmo
A) Input-output economics B) Microeconomics C) General equilibrium theory D) Macroeconomics
A) 1905 B) 1878 C) 1881 D) 1924
A) Convex sets and fixed-point theory B) Dynamic programming C) Functional analytic methods including topology D) Optimal control theory
A) 2001 B) 1994 C) 2010 D) 1985
A) Differential calculus B) Convex sets C) Linear programming D) Graph theory
A) Probabilistic B) Dynamic C) Empirical D) Static
A) Ragnar Frisch B) Trygve Haavelmo C) Nicholas Kaldor D) Henry L. Moore
A) Minimize f(x) B) Solve h_j(x) C) Equalize g_i(x) D) Maximize f(x)
A) 1944 B) 1892 C) 1925 D) 1933
A) Statistics B) Mathematics C) Econometrics D) Programming
A) Qualitative research studies B) Economic problems with many variables C) Simple arithmetic calculations D) Basic economic theory
A) Opportunity cost B) Felicific calculus C) Utilitarianism D) Marginal utility
A) 15% B) 20% C) 10% D) 5.8%
A) Classical mechanics B) Complex adaptive systems C) Quantum economics D) Behavioral finance
A) Neoclassical schools B) The Austrian school C) The Chicago school D) Keynesian school
A) Assumptions are irrelevant to model performance. B) Models should not be judged by their predictive performance. C) 'All assumptions are unrealistic.' D) Assumptions should always match reality.
A) Trygve Haavelmo B) Ragnar Frisch C) Henry L. Moore D) Nicholas Kaldor
A) Quadratic functions B) Polyhedral convex functions C) Linear functions D) Non-convex functions
A) 1930s B) 1940s C) 1950s D) 1960s |