A) A state of maximum production B) A state of chaos in the market C) A state of constant change D) A state where supply equals demand
A) Total satisfaction gained from consuming a good B) Additional satisfaction gained from consuming one more unit of a good C) Price of the last unit of a good purchased D) Total quantity of a good consumed
A) Austrian economics B) Phillips curve C) Keynesian economics D) Chicago school of economics
A) To predict market trends B) To study historical economic data C) To design economic policies D) To analyze strategic interactions between rational decision-makers
A) To analyze historical trends B) To optimize resource allocation given constraints C) To forecast future demand D) To graph economic data
A) Total cost of production B) Cost of resources used in production C) Price of a good in a competitive market D) The value of the best alternative forgone in order to make a particular choice
A) Elasticity of demand B) Cross-price elasticity C) Income effect D) Market equilibrium
A) Allocation of resources where no individual can be made better off without making another worse off B) Maximum total utility for all individuals C) Equal distribution of wealth D) Elimination of poverty
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) Johann Heinrich von Thünen C) Sir William Petty D) Gottfried Achenwall
A) Mathematical Economics B) Statistical Analysis C) Economic Calculus D) Political Arithmetick
A) Sir William Petty B) W.S. Jevons C) John Maynard Keynes D) Johann Heinrich von Thünen
A) Friedrich Hayek B) Gottfried Achenwall C) W.S. Jevons D) Robert Heilbroner
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) Game theory B) Differential calculus C) Matrix algebra D) Algebraic means
A) Sir William Petty B) W.S. Jevons C) Johann Heinrich von Thünen D) Gottfried Achenwall
A) Karl Marx, Friedrich Hayek, and Joseph Schumpeter B) Augustin Cournot, Léon Walras, and Francis Ysidro Edgeworth C) John Maynard Keynes, Milton Friedman, and Paul Samuelson D) Adam Smith, David Ricardo, and John Stuart Mill
A) By the individual demand curve of each seller B) By government regulation C) By the total quantity supplied by both sellers D) By the cost of production for each seller
A) Kaldor-Hicks efficiency B) Pareto efficiency C) Nash equilibrium D) Walrasian equilibrium
A) Implemented in policy immediately B) Immediately accepted and celebrated C) Rejected entirely without consideration D) Neglected for decades
A) Five B) Four C) Three D) Two
A) All markets must clear simultaneously B) Only one market needs to clear for all others to follow C) Markets cannot reach equilibrium independently D) If n-1 markets cleared, the nth market would clear as well
A) Four B) Five C) Three D) Two
A) Operations research B) Pure mathematics C) Economics D) Physics
A) Quarterly Journal of Economics B) Econometrica C) Journal of Political Economy D) The American Economic Review
A) Optimal control theory B) Variational calculus C) Fixed-point theory D) Functional analysis
A) Agent-based computational economics B) Applied calculus of economics C) Automated computational engineering D) Advanced computational econometrics
A) National Bureau of Economic Research B) The Cowles Commission C) Econometric Society D) American Economic Association
A) Oskar Morgenstern B) John Nash C) John Harsanyi D) Reinhard Selten
A) Late 1970s B) Early 1980s C) Mid-2000s D) About the 1990s
A) "Market equilibria" B) "Economic variables" C) "Optimal functions" D) "Objectively determined valuations"
A) Milton Friedman B) John Maynard Keynes C) Adam Smith D) Alfred Marshall
A) Pareto efficient B) Invisible hand hypothesis C) Comparative statics D) Walrasian equilibrium
A) Arthur Lyon Bowley B) Jeremy Bentham C) Harold Hotelling D) Edwin Robert Anderson Seligman
A) Von Neumann B) Paul Samuelson C) Wassily Leontief D) Leonid Kantorovich
A) Cuban Missile Crisis B) Berlin airlift (1948) C) World War I D) Cold War
A) Leontief technologies B) von Neumann technologies C) Arrow–Debreu models D) Linear programming techniques
A) Le Chatelier's principle B) Pareto efficiency C) Von Neumann's equilibrium model D) Brouwer's fixed point theorem
A) John von Neumann B) Paul Samuelson C) Vilfredo Pareto D) Alfred Marshall
A) Arthur Lyon Bowley B) Harold Hotelling C) Jeremy Bentham D) Edwin Robert Anderson Seligman
A) 1951 B) 1944 C) 1994 D) 1965
A) Nicholas Kaldor B) Trygve Haavelmo C) Henry L. Moore D) Ragnar Frisch
A) General equilibrium theory B) Microeconomics C) Macroeconomics D) Input-output economics
A) 1878 B) 1905 C) 1881 D) 1924
A) Optimal control theory B) Dynamic programming C) Functional analytic methods including topology D) Convex sets and fixed-point theory
A) 2010 B) 1985 C) 1994 D) 2001
A) Convex sets B) Graph theory C) Linear programming D) Differential calculus
A) Empirical B) Dynamic C) Static D) Probabilistic
A) Henry L. Moore B) Nicholas Kaldor C) Ragnar Frisch D) Trygve Haavelmo
A) Solve h_j(x) B) Minimize f(x) C) Maximize f(x) D) Equalize g_i(x)
A) 1944 B) 1892 C) 1925 D) 1933
A) Econometrics B) Statistics C) Mathematics D) Programming
A) Simple arithmetic calculations B) Qualitative research studies C) Economic problems with many variables D) Basic economic theory
A) Felicific calculus B) Opportunity cost C) Marginal utility D) Utilitarianism
A) 5.8% B) 10% C) 20% D) 15%
A) Behavioral finance B) Complex adaptive systems C) Quantum economics D) Classical mechanics
A) Neoclassical schools B) The Chicago school C) Keynesian school D) The Austrian school
A) Assumptions should always match reality. B) Assumptions are irrelevant to model performance. C) Models should not be judged by their predictive performance. D) 'All assumptions are unrealistic.'
A) Nicholas Kaldor B) Ragnar Frisch C) Trygve Haavelmo D) Henry L. Moore
A) Polyhedral convex functions B) Quadratic functions C) Linear functions D) Non-convex functions
A) 1960s B) 1940s C) 1950s D) 1930s |