ECONOMICS MISC Microeconomics Theory and Practice With Reviewed Answers.
Microeconomics Theory and Practice
QUIZ 1
This is a market system in which
... [Show More] goods or services are traded directly for other goods or
services.
Select one:
a. Barter system
b. Law of demand
c. Monetary economy
d. Comparative advantage
Individuals are assumed to select the alternative(s) that they believe will make them
happiest, given the information that they possess at the time of the decision.
Select one:
True
False
Stocks, bonds, and other financial assets are examples of capital/ resources.
Select one:
True
False
This is the production of a good if the individual can produce the good at the lowest
opportunity cost.
Select one:
a. Law of demand
b. Monetary economy
c. Barter system
d. Comparative advantageThis is the inverse relationship exists between the price of a good and the quantity
demanded in a given time period.
Select one:
a. Comparative advantage
b. Barter system
c. Monetary economy
d. Law of demand
Goods that are used to produce other goods or services are called economic growth and
are also known as inputs or factors of production.
Select one:
True
False
Economic good is if the quantity of the good demanded exceeds the quantity supplied at a
zero price.
Select one:
True
False
This is the rate at which the currency of one country is converted into the currency of
another country.
Select one:
a. Adam Smith and David Ricardo
b. Entrepreneurial ability
c. Exchange rate
d. Absolute advantage.This individual trade goods or services for money and then use this money to buy the goods
or services that they wish to acquire.
Select one:
a. Law of demand
b. Barter system
c. Monetary economy
d. Comparative advantage
This is the production of a good if the individual can produce more than the other
individuals.
Select one:
a. Absolute advantage.
b. Entrepreneurial ability
c. Adam Smith and David Ricardo
d. Exchange rate
QUIZ 2
This approach encourages the focus to be on individual behavior and the optimization of the
welfare of the individual.
Select one:
a. Utilitarian approach
b. Jevons
c. Egoistic Hedonism
d. Augustin Cournot
This may be used as a tool to aid in the decision making process.
Select one:
a. Economics
b. Microeconomicsc. Plato
d. Greeks
This studied human activities involved with "wealth-getting" which could be unnatural as
well as natural.
Select one:
a. Oikonomiks
b. Adam Smith
c. Chrematistiks
d. Jeremy Bentham
He developed an analysis of the moral system (The Theory of Moral Sentiments), then an
economic system (The Wealth of Nations).
Select one:
a. Jeremy Bentham
b. Chrematistiks
c. Oikonomiks
d. Adam Smith
It evaluates the current state of our world and to speculate on ways that it might be
improved; it is an important aspect of our education.
Select one:
a. Microeconomics
b. Economics
c. Plato
d. Greeks
He began his Republic with an economic interpretation of history wherein he begins by
seeking the meaning of justice.
Select one:
a. Augustin Cournot
b. Adam Smith
c. Platod. Pareto
He is largely responsible for the simplification of Bentham's utilitarian philosophy as is has
come to be used as a foundation for mainstream microeconomics.
Select one:
a. Adam Smith
b. Augustin Cournot
c. Pareto
d. Jevons
He was the successor to Walras at the University of Lausanne whose name has been
associated with the basic criteria used as a measure of efficiency.
Select one:
a. Francis Ysidro Edgeworth
b. Pareto
c. Plato
d. Cournot
His influence on the development of microeconomics is through the work of Leon Walras.
Select one:
a. Adam Smith
b. Cournot
c. Pareto
d. Francis Ysidro Edgeworth
He is the best known of the early contributors to French rationalist microeconomics wherein
he perceives the quantity demanded as a continuous function of the price.
Select one:
a. Francis Ysidro Edgeworth
b. Platoc. Augustin Cournot
d. Jevons
PRELIM
_______ people may donate their time to charitable organizations, give gifts to loved ones,
contribute to charities and engage in other similarly altruistic activities.
Select one:
a. Greeks
b. Oikonomiks
c. Self-interested
d. Microeconomics
The purpose of which is to keep the price of a good above the market equilibrium price.
Select one:
a. Isaac Newton
b. Price floor
c. Circular-flow diagram
d. Supply
They own the factors of production and consume all the goods and services that the firms
produce.
Select one:
a. Households
b. Production possibilities frontier
c. Firms
d. Circular-flow diagram_______ produce goods and services using inputs, such as labor, land, and capital
(buildings and machines).
Select one:
a. Households, firms
b. Firms
c. Plato
d. Outcome
This diagram offers a simple way of organizing all the economic transactions that occur
between households and firms in the economy.
Select one:
a. Price floor
b. Isaac Newton
c. Supply
d. Circular-flow diagram
_______ is an English philosopher, laid the foundation for British Utilitarian microeconomics
in his Introduction to the Principles of Morals and Legislation.
Select one:
a. Utilitarian
b. Adam Smith
c. Chrematistiks
d. Jeremy Bentham
The theory of consumer choice examines the tradeoffs that people face in their role as
_______.
Select one:
a. Consumers
b. Economists
c. Produce goods and services
d. Cournot
These are taken into account that includes the demand for a product both domestic and
foreign demand.Select one:
a. Scarcity
b. Relative price
c. Complementary goods
d. International markets
_______ refers to the ability to organize production and bear risks.
Select one:
a. Entrepreneurial ability
b. Monetary economy
c. Comparative advantage
d. Barter system
Economists say that these goods are the increase in the price of one result in a reduction in
the demand for the other.
Select one:
a. Complementary goods
b. Scarcity
c. Relative price
d. International markets
_______ was defined by Sidgwick as the system that fixes as the reasonable ultimate end
of each individual's action his own greatest happiness.
Select one:
a. Augustin Cournot
b. Egoistic Hedonism
c. Pareto
d. Francis Ysidro Edgeworth
Another of the Ten Principles of Economics is that the cost of something is what you give up
to get it, one good as measured in terms of the other good.Select one:
a. Coase
b. Law of demand
c. Opportunity cost
d. Economics
This a graph that shows the various combinations of outputthat the economy can possibly
produce given the available factors of production and the available production technology
those firms can use to turn these factors into output.
Select one:
a. Production possibilities frontier
b. Firms
c. Circular-flow diagram
d. Households
Households and firms interact in two types of markets. In the markets for goods and
services, _______ are buyers and _______ are sellers.
Select one:
a. Firms
b. Plato
c. Outcome
d. Households, firms
This is a measurement of how expensive a good is in terms of units of some other good or
service.
Select one:
a. Relative price
b. International markets
c. Scarcity
d. Complementary goodsThis implies the existence of tradeoffs wherein these tradeoffs can be illustrated quite nicely
by a production possibilities frontier.
Select one:
a. Scarcity
b. Relative price
c. Complementary goods
d. International markets
This is when making choices wherein this means that individuals are assumed to select the
alternative(s) that they believe will make them happiest, given the information that they
possess at the time of the decision.
Select one:
a. Relative price
b. Scarcity
c. Rational self-interest
d. Marginal cost
This _______ is individual that trade goods or services for money and then use this money
to buy the goods or services that they wish to acquire.
Select one:
a. Monetary economy
b. Barter system
c. Entrepreneurial ability
d. Comparative advantage
This _______ demand for a product includes both domestic and foreign demand.
Select one:
a. Capital/ resources
b. Economics Resources
c. International markets
d. Land_______ was an analysis of how decisions were made regarding the management of
resources.
Select one:
a. Microeconomics
b. Greeks
c. Oikonomiks
d. Self-interested
This is the _______ production of a good if the individual can produce more than the other
individuals.
Select one:
a. Economic good
b. Adam Smith and David Ricardo
c. Jevons
d. Absolute advantage.
_______ draws an analogy between the Principles of Maximum Energy and the Principles
of Greatest Happiness.
Select one:
a. Francis Ysidro Edgeworth
b. Pareto
c. Augustin Cournot
d. Egoistic Hedonism
An _______ is said to be efficient if the economy is getting all it can from the scarce
resources it has available.
Select one:
a. Households, firms
b. Outcome
c. Plato
d. FirmsStocks, bonds, and other financial assets are examples of _______.
Select one:
a. Capital/ resources
b. International markets
c. Economics Resources
d. Land
This is the relationship that exists between the price of a good and the quantity supplied in a
given time period.
Select one:
a. Isaac Newton
b. Supply
c. Price floor
d. Circular-flow diagram
This is defined as the additional cost associated with a one-unit increase in the level of the
activity.
Select one:
a. Scarcity
b. Rational self-interest
c. Marginal cost
d. Relative price
_______ is the best known of the early contributors to French rationalist microeconomics
wherein he perceives the quantity demanded as a continuous function of the price.
Select one:
a. Augustin Cournot
b. Francis Ysidro Edgeworth
c. Paretod. Egoistic Hedonism
QUIZ 3
This is when capital equipment is given only part of the theory of value which treats of the
short period.
Select one:
a. Capital
b. Physical stock
c. Interest
d. Neo-classical
This is a characteristic by which goods are specified and that they have value that is
purchasing power over each other wherein the list of goods is quite specific with so many
actual particular objects.
Select one:
a. Blast furnaces
b. Equilibrium
c. Cost of capital
d. Stock of wealth
This is positive because profits are positive though at the same time the cost and difficulty
of obtaining finance play a part in keeping productive equipment scarce, and so contribute
to maintaining the level of profits.Select one:
a. Physical stock
b. Capital
c. Interest
d. Neo-classical
They span that there were evidently a spade and a spindle already in existence.
Select one:
a. Unit of labor
b. Saving
c. Adam delved and Eve
d. Investment
This can never be expended in a pure form.
Select one:
a. Unit of labor
b. Saving
c. Adam delved and Eve
d. Investment
It determines supply price consist of wages and profits.
Select one:
a. Productiveness of capital
b. Capitalist
c. Interest
d. Costs of production
This kind of economist thinks of a position of equilibrium as a position towards which an
economy is tending to move as time goes by.
Select one:
a. Interest
b. Physical stockc. Capital
d. Neo-classical
This is making current products available for the workers to consume in the meantime.
Select one:
a. Investment
b. Adam delved and Eve
c. Saving
d. Unit of labor
This is a process of accumulation consists in refraining from consuming current output.
Select one:
a. Cost of capital
b. Equilibrium
c. Blast furnaces
d. Stock of wealth
This is a quantity which can be translated from one number to another by changing the unit.
Select one:
a. Cost of capital
b. Equilibrium
c. Blast furnaces
d. Stock of wealth
QUIZ 4
Yin Zhaoliang succinctly defines corporate control as the power exercised over the
company with varying degrees of influence by shareholders or those with related benefits.
Select one:True
False
Commercial rights of control are the power to make decisions regarding the distribution of
the residue produced under the contract.
Select one:
True
False
India's Company Law provides that companies can take two forms, namely limited liability
companies or joint stock limited companies.
Select one:
True
False
Internal control mechanisms of corporate governance are mainly reflected in the market for
corporate control and especially in contention for control rights.
Select one:
True
False
In the theory of the market for corporate control, the conduct of takeovers by companies in
that market and the accompanying threat of takeover are external control mechanisms,
which can reduce agency costs.
Select one:
True
False
Mechanisms of restraint in corporate control can be examined with regard to internal and
external mechanisms. Internal control mechanisms are also known as the company's
internal governance structure.
Select one:
True
FalsePartnerships are the result of the extension of proprietorial enterprises wherein if proprietors
establish a partnership by means of a contract they become partners.
Select one:
True
False
Decision management includes the decision's initial proposal and its implementation after
authorization while decision control includes the examination and approval of the proposed
decision and supervision of its implementation.
Select one:
True
False
Professor Michael Jensen of the U.S. Corporate Governance Authority and the Wharton
School stated that the American enterprise system has been transformed from
"management capitalism" with de facto management control to "investor capitalism" where
the investor exercise effective constraints on managers.
Select one:
True
False
The separation of ownership and control refers to the phenomenon of the almost total lack
of control rights or lack of direct control rights over company management policy by
shareholders in publicly held corporations.
Select one:
True
False
MIDTERMThe process of accumulation consists in refraining from consuming current output in order
to add to the ________.
Select one:
a. Stock of wealth
b. Blast furnaces
c. Adam and Eve
d. Cost of capital
The theory of the market for corporate control was first put forward by Professor _______ of
the Washington University Law School in 1965.
Select one:
a. Henry G. Manne
b. Mechanisms
c. Decision management
d. Separation of ownership and control
_______ is a type of reasoning that is amenable in principle to a multiplicity of player types
such as own-gain maximizes and those preferring equality.
Select one:
a. Evolutionary-type reasoning
b. Vienna Colloquium
c. Amartya Sen
d. Rational-choice game
The _______ of the United Kingdom define control rights as the ownership or joint
ownership of 30% or more of the voting shares in a company whether or not the amount
owned constitutes the actual voting rights.
Select one:
a. Partnerships
b. U.S. Federal Securities Act
c. City of London Regulationsd. Zhu Yikun
The _______ economist thinks of a position of equilibrium as a position towards which an
economy is tending to move as time goes by.
Select one:
a. Neo-classical
b. Capital
c. Physical stock
d. Equilibrium
_______ is positive because profits are positive though at the same time the cost and
difficulty of obtaining finance play a part in keeping productive equipment scarce and so
contribute to maintaining the level of profits.
Select one:
a. Capitalist
b. Interest
c. Profit
d. Costs of production
_______ of restraint in corporate control can be examined with regard to internal and
external mechanisms.
Select one:
a. Separation of ownership and control
b. Mechanisms
c. Henry G. Manne
d. Decision management
_______ is the result of the extension of proprietorial enterprises wherein if proprietors
establish a partnership by means of a contract they become partners.
Select one:
a. U.S. Federal Securities Act
b. Zhu Yikunc. Partnerships
d. City of London Regulations
_______ of corporate governance is mainly reflected in the market for corporate control and
especially in contention for control rights.
Select one:
a. China
b. External control mechanisms
c. Michael Useem
d. Agency costs
There is a quantity which can be translated from one number to another by changing the
unit and this is called ________.
Select one:
a. Physical stock
b. Capital
c. Neo-classical
d. Equilibrium
_______ succinctly defines corporate control as the power exercised over the company with
varying degrees of influence by shareholders or those with related benefits.
Select one:
a. Zhu Yikun
b. Partnerships
c. U.S. Federal Securities Act
d. City of London Regulations
_______ held that the utilities of different commodities were not independent with some
commodities functioning as substitutes or complements for each other or the consumption
of a commodity affecting the utility of another commodity in some fashion.
Select one:
a. General equilibriumb. Godel's proof
c. Pareto
d. Walras and Pareto
_______ considered that claim to residue refers to residual rights of control with the
implication that those with claims regarding the ownership of residue are the contractual
controllers in respect of actions concerning the assets and have the final decision and also
that they bear operational profits and losses independently.
Select one:
a. China
b. Residual rights of control
c. Yang Xiaowei
d. Prosperous capitalist
The characteristic by which goods are specified and that they have value that is purchasing
power over each other wherein the list of goods is quite specific with so many actual
particular objects is called ________.
Select one:
a. Cost of capital
b. Blast furnaces
c. Adam and Eve
d. Stock of wealth
_______ is the boundary of the analyticity of arithmetic which was not airtight and for the
Colloquium's work on general equilibrium theory wherein Carnap's invocation of ever richer
arithmetical languages was problematic and would prove to be prophetic at least with
regard to general equilibrium theory.
Select one:
a. Godel's proof
b. Pareto
c. Walras and Pareto
d. General equilibrium
_______ Company Law provides that companies can take two forms, namely limited liability
companies or joint stock limited companies.Select one:
a. External control mechanisms
b. Agency costs
c. China
d. Michael Useem
In the theory of the market for corporate control, the conduct of takeovers by companies in
that market and the accompanying threat of takeover are external control mechanisms,
which can reduce _______.
Select one:
a. External control mechanisms
b. China
c. Agency costs
d. Michael Useem
_______ analyzed the process by which a social welfare function might be formulated,
arguing that a social welfare function is only a valid concept if it is derived from the
preferences of the individuals composing the society.
Select one:
a. Utilitarian welfare economics
b. Bentham
c. Kenneth Arrow
d. Keynes
Professor _______ of the U.S. Corporate Governance Authority and the Wharton School
stated that the American enterprise system has been transformed from "management
capitalism" with de facto management control to "investor capitalism" where the investor
exercise effective constraints on managers.
Select one:
a. Michael Useem
b. Agency costs
c. China
d. External control mechanisms_______ continued to work on the possibility of the existence, stability, and uniqueness of
general equilibrium theory in increasingly complex formal mathematical models.
Select one:
a. Evolutionary-type reasoning
b. Vienna Colloquium
c. Amartya Sen
d. Rational-choice game
_______ theory carried with it key foundational problems surrounding the very concept of
rationality in a game-theoretic setting.
Select one:
a. Amartya Sen
b. Vienna Colloquium
c. Rational-choice game
d. Evolutionary-type reasoning
_______ is the power to make decisions regarding the distribution of the residue produced
under a contract.
Select one:
a. Residual rights of control
b. China
c. Prosperous capitalist
d. Yang Xiaowei
_______ includes the decision's initial proposal and its implementation after authorization
while decision control includes the examination and approval of the proposed decision and
supervision of its implementation.
Select one:
a. Decision management
b. Mechanisms
c. Henry G. Manne
d. Separation of ownership and control_______ considers social welfare function, which although still problematic along positivist
grounds, provided a framework for ranking different social states on the basis of a
configuration or profile of individual preferences.
Select one:
a. Bergson/Samuelson
b. General equilibrium theory
c. Economic theory
d. New welfare economics
_______ is making current products available for the workers to consume in the meantime.
Select one:
a. Investment
b. Stock of capital
c. Productiveness of capital
d. Saving
It comes to employ a particular methodological outlook where theory was understood to
correspond with truth and was prior to the dissembling world of praxis called _______.
Select one:
a. General equilibrium theory
b. Economic theory
c. New welfare economics
d. Bergson/Samuelson
_______ economies are those where the rate of profit is falling in spite of rapid technical
progress and miserable ones are those where the rate of profit is high in spite of technical
stagnation.
Select one:
a. Yang Xiaowei
b. China
c. Residual rights of control
d. Prosperous capitalist_______ consists, in essence, in employing labor now in a way which will yield its fruits in
the future.
Select one:
a. Stock of capital
b. Saving
c. Investment
d. Productiveness of capital
The theory of value treats the short period, in which the _______ of capital equipment is
given and it has many applications.
Select one:
a. Physical stock
b. Neo-classical
c. Equilibrium
d. Capital
Godel's proof is the boundary of the analyticity of arithmetic which was not airtight and for
the Colloquium's work on general equilibrium theory wherein Carnap's invocation of ever
richer arithmetical languages was problematic and would prove to be prophetic at least with
regard to ________.
Select one:
a. General equilibrium theory
b. Economic theory
c. New welfare economics
d. Bergson/Samuelson
_______ includes the cost of capital goods, and since they must be constructed before they
can be used, part of which is interest over the period of time between the moment when
work was done in constructing capital goods and the time when they are producing a
stream of output.
Select one:
a. Blast furnaces
b. Adam and Eve
c. Cost of capitald. Stock of wealth
_______ transactions in enterprise control rights began in 1984 in such cities as Baoding
and Wuhan.
Select one:
a. Prosperous capitalist
b. Residual rights of control
c. Yang Xiaowei
d. China
_______ pioneered the use of utilitarian calculus to obtain judgments about the social
interest by aggregating the personal interests of different individuals in the form of their
respective utilities.
Select one:
a. Keynes
b. Utilitarian welfare economics
c. Kenneth Arrow
d. Bentham
_______ is a pioneer and advocate of social choice theory and he attacked the notion of the
abstract individual subject displaying a rarefied form of social behavior integral to the history
of economic theory as too simplistic.
Select one:
a. Amartya Sen
b. Vienna Colloquium
c. Rational-choice game
d. Evolutionary-type reasoning
_______ and _______ started from observed disequilibrium and through a process of
adjustments, they approached general equilibrium.
Select one:
a. Godel's proof
b. General equilibrium
c. Paretod. Walras and Pareto
When _______ and _______ span there were evidently a spade and a spindle already in
existence.
Select one:
a. Stock of wealth
b. Adam and Eve
c. Cost of capital
d. Blast furnaces
A _______ buys a machine readymade pays a price for it which includes profit to the
capitalist who sells it.
Select one:
a. Costs of production
b. Interest
c. Capitalist
d. Profit
The _______ theory came about in the latter half of the 19th century explicitly in the form of
Leon Walras' 1874 work "Elements of Pure Economics" and subsequently with the addition
of graphical representation in his 1892 paper "Geometrical Theory of the Determination of
Prices".
Select one:
a. Pareto
b. Godel's proof
c. General equilibrium
d. Walras and Pareto
The _______ of a capitalist who has the machine built in his own workshops will expect to
receive, from sales of the final output which includes profit on the interest on the cost of
having the machine built reckoned over the period of construction.
Select one:
a. Capitalistb. Costs of production
c. Interest
d. Profit
_______ is the specific list of all the goods in existence at any moment including work-inprogressing the pipe lines of production.
Select one:
a. Saving
b. Productiveness of capital
c. Investment
d. Stock of capital
The _______ determine supply price consist of wages and profits.
Select one:
a. Profit
b. Interest
c. Costs of production
d. Capitalist
_______ used only one basic criterion of social improvement called the Pareto comparison.
Select one:
a. Bergson/Samuelson
b. Economic theory
c. New welfare economics
d. General equilibrium theory
_______ provides control which means that the power to exercise a controlling influence
over a company's operational management and specific policies or the activity of a natural
person directly or indirectly whether by voting, through one or more intermediaries such as
a contract or other means.
Select one:a. U.S. Federal Securities Act
b. City of London Regulations
c. Partnerships
d. Zhu Yikun
_______ was substantially criticized if not undermined by the argument that interpersonal
comparisons of utility had no scientific basis.
Select one:
a. Kenneth Arrow
b. Utilitarian welfare economics
c. Bentham
d. Keynes
_______ is characterize by a unit of labor that was expended at a certain time in the past is
more valuable today than a unit expended today, because its fruits are already ripe.
Select one:
a. Productiveness of capital
b. Saving
c. Stock of capital
d. Investment
The _______ and _______ refers to the phenomenon of the almost total lack of control
rights or lack of direct control rights over company management policy by shareholders in
publicly held corporations.
Select one:
a. Separation of ownership and control
b. Mechanisms
c. Henry G. Manne
d. Decision management
_______ had diagnosed the Great Depression of the 1930s as a failure of aggregate
demand.
Select one:a. Utilitarian welfare economics
b. Bentham
c. Kenneth Arrow
d. Keynes
_______ is an un-invested finance for a sum of money and the net receipts of a business
are sums of money.
Select one:
a. Physical stock
b. Equilibrium
c. Neo-classical
d. Capital
QUIZ 5
His idea of maximizing utility of the maximum number of people typically involves one
maximum too many to be feasible.
Select one:
a. Pigou
b. Jeremy Bentham
c. Vilfredo Pareto
d. Manuel d'Economie Politique
This result has tried to modify the axioms to resolve the conflict between individual and
social orderings but no fully satisfactory solution has been found.
Select one:
a. Partial equilibrium
b. Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
c. Pigovian taxes
d. Abba P. Lerner
He created the invisible hand idea that is one of the most fundamental equilibrating relations
in Economic Theory.Select one:
a. Adam Smith
b. Jeremy Bentham
c. Leon Walras
d. Richard Cantillon
He suggested that a perfect market economy and a perfectly planned market economy
were equivalent.
Select one:
a. Clarke-Groves Mechanism
b. Enrico Barone
c. Partial equilibrium
d. Samuelson Rule
This is a first best policy rule for public provision wherein it presupposes that the
government or social planner can collect revenue by using lump-sum taxes.
Select one:
a. Enrico Barone
b. Samuelson Rule
c. Clarke-Groves Mechanism
d. Partial equilibrium
They are the one who founded the modern utilitarian framework in Economics.
Select one:
a. Richard Cantillon
b. Leon Walras
c. Jules Dupuit and Heinrich Gossen
d. Adam SmithHe took the distributional issue quite a bit further when he made two key contributions to
existing theory.
Select one:
a. Pigou
b. Manuel d'Economie Politique
c. Jeremy Bentham
d. Vilfredo Pareto
This mechanism is a system of side-payments which introduced to the individual alongside
the willingness to pay.
Select one:
a. Enrico Barone
b. Clarke-Groves Mechanism
c. Samuelson Rule
d. Partial equilibrium
This version was first introduced by Dupuit (1844), in which he studied the value of a large
project.
Select one:
a. Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
b. Abba P. Lerner
c. Partial equilibrium
d. Pigovian taxes
He discussed how a judicious government can increase welfare wherein the full-fledged
version of the modern welfare theory was fleshed out in The Economics of Welfare.
Select one:
a. Jeremy Bentham
b. Manuel d'Economie Politique
c. Pigou
d. Vilfredo ParetoQUIZ 6
They summarize their results that the intersection between the official lie and the private
truth has created unstable welfare systems.
Select one:
a. Neoliberal arguments
b. Dagens Nyheter
c. Anders Isaksson
d. Stefan Folster and Fredrik Bergstrom
This is the leading Swedish daily journal that has consistently in its editorial pages
campaigned for social security reforms.
Select one:
a. Dagens Nyheter
b. Anders Isaksson
c. Stefan Folster and Fredrik Bergstrom
d. Neoliberal arguments
He paints a vivid picture of the demerits of the welfare state in this relation.
Select one:
a. Neoliberal arguments
b. Welfare dependency
c. Walter Korpi
d. David Marsland
This welfare consists of means and needs tested benefits, which are administered at the
local levels.
Select one:
a. Marginal welfare
b. Johnny Munkhammar
c. Bismarkiad. Social security
These arguments gained ground from 1980 and onwards in Swedish public debate wherein
this has been conducted in a setting of some irony and with a portion of outright dishonesty.
Select one:
a. David Marsland
b. Walter Korpi
c. Welfare dependency
d. Neoliberal arguments
Sweden has this kind of social security system where payments are compulsory.
Select one:
a. Marginal welfare
b. Bismarkia
c. Social security
d. Johnny Munkhammar
In recent years, this is the most fundamental and loud-voiced criticism of the Swedish model
pertains to its function.
Select one:
a. David Marsland
b. Welfare dependency
c. Walter Korpi
d. Neoliberal arguments
He wrote a famous typology of welfare regimes under capitalism.
Select one:
a. Sweden
b. Swedish welfare model
c. Gosta Esping-Andersen
d. Social servicesThis is for the most part not a universal system proper connected to citizens' rights, but
rather best described as wage-labor based which to some extent even workfare rather than
welfare wherein it is not tax financed but financed through compulsory payments on the
wage to a nationally administered social security system.
Select one:
a. Johnny Munkhammar
b. Bismarkia
c. Social security
d. Marginal welfare
This is one of the parts of the Swedish welfare state, which most resembles the image of a
general welfare state.
Select one:
a. Swedish welfare model
b. Gosta Esping-Andersen
c. Social services
d. Sweden
FINAL
According to Mill's theorem, if private parties can bargain without cost over the allocation of
resources, then the private market will always solve the problem of externalities and
allocate resources efficiently.
Select one:
True
False
Adam Smith developed an analysis of the moral system called The Theory of Moral
Sentiments as well an economic system called The Wealth of Nations.
Select one:True
False
Residual rights of control are the power to make decisions regarding the distribution of the
residue produced under the contract.
Select one:
True
False
Manufacturers own the factors of production and consume all the goods and services that
the firms produce.
Select one:
True
False
Internal control mechanisms of corporate governance is mainly reflected in the market for
corporate control and especially in contention for control rights.
Select one:
True
False
Investment is making current products available for the workers to consume in the
meantime.
Select one:
True
False
Welfare independency remains a problem for those individuals who are forced by meager
economic circumstances to form their livelihood on receiving welfare.
Select one:
True
FalseBabbage pioneered the use of utilitarian calculus to obtain judgments about the social
interest by aggregating the personal interests of different individuals in the form of their
respective utilities.
Select one:
True
False
The main system of protection from income-loss and/or absence from the labor market in
Sweden remains the overall social security system.
Select one:
True
False
The costs of production which determine supply price consist of wages and profits.
Select one:
True
False
________ wrote that the definition of corporate controlis the authority to employ and dismiss
managers at the highest level and to determine their remuneration.
Select one:
a. Berle and Means
b. Michael Jensen
c. External control mechanisms
d. Henry G. Manne
Capital when it consists of un-invested finance is a sum of money and the net receipts of a
business are sums of money.
Select one:
True
False
Social psychological theories of trust normally treat ________ as a diffuse attribute of an
individual--a person trusts others in many different situations.Select one:
a. Dupuit
b. Social capital
c. Utilitarian
d. Attributes
________ represents the flows of goods and services between households and firms.
Select one:
a. Circular-flow diagram
b. Enrico Barone
c. Consumer choice
d. Samuelson Rule
Economic good is if the quantity of the good demanded exceeds the quantity supplied at a
zero price.
Select one:
True
False
Social capital networks produce goods and ________ that are not a new phenomenon but
they are an inevitable part of every society, ancient or modern, high income or low income.
Select one:
a. Services
b. Welfare
c. Individual
d. Inputs
There is a quantity which can be translated from one number to another by changing the
unit and this is called equilibrium.
Select one:
True
FalseProductiveness of capital consists in the fact that a unit of labor that was expended at a
certain time in the past is more valuable today than a unit expended today because its fruits
are already ripe.
Select one:
True
False
The production possibilities frontier simplifies a complex ________ to highlight and clarifies
some basic ideas.
Select one:
a. Scarce resources
b. Economy
c. Income
d. Formal organizations
This local market demand for a product includes both domestic and foreign demand.
Select one:
True
False
Demand is the relationship that exists between the price of a good and the quantity supplied
in a given time period.
Select one:
True
False
Oikonomiks is a studied human activities involved with "wealth-getting" which could be
unnatural as well as natural.
Select one:
True
FalseOpportunity cost is one of the Ten Principles of Economics wherein the cost of something is
what you give up to get it such that one good as measured in terms of the other good.
Select one:
True
False
________ provided a justification for and explanation of the activities of the rising merchant
class.
Select one:
a. Law of demand
b. Mercantilism
c. Economic theory
d. Microeconomics
The theory of consumer choice examines the tradeoffs that people face in their role as
Producers.
Select one:
True
False
Zhu Yikun considered that claim to residue refers to residual rights of control with the
implication that those with claims regarding the ownership of residue are the contractual
controllers in respect of actions concerning the assets and have the final decision and also
that they bear operational profits and losses independently.
Select one:
True
False
________ is a market system in which goods or services is traded directly for other goods
or services.
Select one:a. Barter system
b. Good
c. Social security
d. Production
________ is a system of side payments that was introduced to the individual alongside the
willingness to pay.
Select one:
a. Grossmann and Hart
b. Neo-classical economist
c. Clarke-Groves mechanism
d. Interest
Anders Isaksson has been given ample room in the columns to put forward the case
wherein he argues that income ________ is an ever-increasing burden on the welfare state.
Select one:
a. Good
b. Barter system
c. Social security
d. Production
This Microeconomics may be used as a tool to aid in the decision making process.
Select one:
True
False
Adam Smith and David Ricardo argued that similar benefits accrue from international
specialization and trade.
Select one:
True
FalseEntrepreneurial ability refers to the ability to organize ________ and bear risks.
Select one:
a. Production
b. Good
c. Barter system
d. Social security
An outcome is said to be efficient if the economy is getting all it can from the ________ it
has available.
Select one:
a. Economy
b. Scarce resources
c. Income
d. Formal organizations
Firms produce goods and services using inputs, such as labor, land, and capital (buildings
and machines).
Select one:
True
False
Decision management includes the decision's initial proposal and its implementation after
authorization while decision control includes the examination and approval of the proposed
decision and supervision of its implementation.
Select one:
True
False
The General Equilibrium theory came about in the latter half of the 19th century explicitly in
the form of Leon Walras' 1874 work, Elements of Pure Economics, and subsequently withthe addition of graphical representation in his 1892 paper "Geometrical Theory of the
Determination of Prices".
Select one:
True
False
Jevons is largely responsible for the simplification of Bentham's utilitarian philosophy and it
had come to be used as a foundation for mainstream microeconomics.
Select one:
True
False
Market advantage is the production of a good if the individual can produce the good at the
lowest opportunity cost.
Select one:
True
False
United Kingdom Company Law provides that companies can take two forms, namely limited
liability companies or joint stock limited companies.
Select one:
True
False
The theory of ________ examines the tradeoffs that people face in their role as consumers.
Select one:
a. Consumer choice
b. Samuelson Rule
c. Circular-flow diagram
d. Enrico Barone
The regional self-interest means that individuals are assumed to select the alternative(s)
that they believe will make them happiest, given the information that they possess at the
time of the decision.Select one:
True
False
________ is the inverse relationship exists between the price of a good and the quantity
demanded in a given time period.
Select one:
a. Economic theory
b. Microeconomics
c. Mercantilism
d. Law of demand
In the welfare theory discussion, a portfolio of ________ is the best way to secure welfare
according to Russian statistic case.
Select one:
a. Income
b. Resources
c. Household
d. Communist Party
Adam Smith is the famous seventeenth century scientist and mathematician allegedly
became intrigued one day when he saw an apple fall from an apple tree.
Select one:
True
False
Dynamic change can also involve an increase in total welfare in the ________ insofar as
greater use of formal networks is more efficient and effective.
Select one:
a. Resources
b. Income
c. Household
d. Communist PartyMonetary economies are individuals trade goods or services for ________ and then use this
money to buy the goods or services that they wish to acquire.
Select one:
a. Social exclusion
b. Social Capital
c. OECD
d. Money
The City of London Regulations of the United Kingdom define control rights as meaning the
ownership or joint ownership of 30% or more of the voting shares in a company whether or
not the amount owned constitutes the actual voting rights.
Select one:
True
False
U.K. Federal provides control which means the power to exercise a controlling influence
over a company's operational management or general and specific policies or the activity of
a natural person directly or indirectly whether by voting, through one or more intermediaries,
a contract or other means.
Select one:
True
False
Stefan Folster and Fredrik Bergstrom summarize their results that the intersection between
the official lie and the ________ has created unstable welfare systems.
Select one:
a. Additional cost
b. Next-best
c. Resourcesd. Private truth
Monetary companies own the factors of production and consume all the goods and services
that the firms produce.
Select one:
True
False [Show Less]