Welfare economics - Quiz
A) Vilfredo Pareto B) Milton Friedman C) Adam Smith D) John Maynard Keynes
A) Monetarism B) Laissez-faire C) Utilitarianism D) Keynesian economics
A) Economic prosperity reached through competition B) Successful coordination of supply and demand C) Excessive government regulation in the market D) When markets do not allocate resources efficiently
A) Direct financial gains from market exchanges B) Negative impacts on market efficiency C) Benefits received by individuals not directly involved in a market transaction D) Costs borne by those who did not benefit from a transaction
A) Sales tax B) Value-added tax C) Progressive tax D) Income tax
A) Designer clothing B) Fast food C) National defense D) Luxury cars
A) Market failure B) Monopoly pricing C) Regulatory capture D) Pareto efficiency
A) Market demand B) Income inequality C) Inflation rate D) Labor force participation
A) Information asymmetry B) Public goods C) Externalities D) Perfect competition
A) Game theory. B) Market equilibrium theory. C) Behavioral economics. D) Social choice theory.
A) Austrian economics B) Neoclassical economics C) Keynesian economics D) Marxist economics
A) The social indifference curve B) The production possibility frontier C) The grand utility frontier D) Points on a contract curve
A) Any policy change that reduces taxes B) Government intervention to redistribute wealth C) A strategy to increase overall market competition D) A change that benefits at least one person without making anyone else worse off
A) Austrian tradition B) Benthamite tradition C) Keynesian tradition D) Marxist tradition
A) Increasing average costs in the long run. B) Long run declining average costs. C) Short run declining average costs. D) Constant average costs.
A) Tax revenue generated from consumer spending B) The difference between what consumers are willing to pay for a good/service and what they actually pay C) Profit margin for producers D) Total cost of production for a given product
A) The idea of market failure. B) The concept of perfect competition. C) The logic of Adam Smith's invisible hand. D) The principle of redistribution.
A) Encouraging competition for market efficiency B) Promoting individual rights and liberties C) Minimizing government intervention in economic activities D) Maximizing overall happiness or utility in society
A) The validity of utilitarianism in economics. B) The efficiency of competitive markets. C) The impact of government intervention on welfare. D) Whether rational collective selection rules could derive social welfare functions from individual preferences.
A) Supply and demand analysis. B) Monetary policy. C) Game theory. D) Cost–benefit analysis.
A) Keynesian equilibrium theorem B) Arrow's impossibility theorem C) Smith's invisible hand theorem D) Pareto's efficiency theorem
A) Taxes always lead to inefficiency B) Taxes are only used for revenue generation C) Taxes can counteract inefficiencies like externalities. D) Taxes have no impact on market efficiency
A) It was concerned with actions an omnipotent social planner should undertake. B) It dealt with international trade policies. C) It was primarily about market efficiency. D) It focused on individual utility maximization.
A) Upward sloping to the right. B) Circular in shape. C) Linear and downward sloping to the right. D) Two straight lines forming a 90-degree angle. |
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