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