A) Adam Smith B) Vilfredo Pareto C) Milton Friedman D) John Maynard Keynes
A) Utilitarianism B) Laissez-faire C) Monetarism D) Keynesian economics
A) Successful coordination of supply and demand B) Economic prosperity reached through competition C) Excessive government regulation in the market D) When markets do not allocate resources efficiently
A) Costs borne by those who did not benefit from a transaction B) Negative impacts on market efficiency C) Direct financial gains from market exchanges D) Benefits received by individuals not directly involved in a market transaction
A) Income tax B) Value-added tax C) Progressive tax D) Sales tax
A) Promoting individual rights and liberties B) Encouraging competition for market efficiency C) Minimizing government intervention in economic activities D) Maximizing overall happiness or utility in society
A) Fast food B) Luxury cars C) Designer clothing D) National defense
A) The difference between what consumers are willing to pay for a good/service and what they actually pay B) Tax revenue generated from consumer spending C) Total cost of production for a given product D) Profit margin for producers
A) Pareto efficiency B) Monopoly pricing C) Market failure D) Regulatory capture
A) Government intervention to redistribute wealth B) A strategy to increase overall market competition C) Any policy change that reduces taxes D) A change that benefits at least one person without making anyone else worse off
A) Public goods B) Externalities C) Information asymmetry D) Perfect competition
A) Market demand B) Inflation rate C) Labor force participation D) Income inequality
A) Austrian economics B) Neoclassical economics C) Keynesian economics D) Marxist economics |