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Basic Microeconomics

It deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price.

elasticity demand

marginal utility demand

elasticity supply

consumer equilibrium

individual income

savings

rational choice

efficiency

opportunity costs

incentives

production

profits

competition

monopoly

externalities

public goods

accountancy

A single largest social security system is the old age insurance for those over 20 years of age.

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  • True
  • False

Pareto discussed how a judicious government can increase welfare where the full-fledged version of the modern welfare theory was fleshed out in The Economics of Welfare.

  • True
  • False

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.

  • Opportunity cost
  • Law of demand
  • Economics
  • Coase

________ is the study of decisions, relationships and behavioral patterns of individuals, families, organizations, industries and markets.

  • Microeconomics
  • Mercantilism
  • Economic theory
  • Law of demand

They are the one who founded the modern utilitarian framework in Economics.

  • Richard Cantillon
  • Jules Dupuit and Heinrich Gossen
  • Leon Walras
  • Adam Smith

Self-interested people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other similarly altruistic activities.

  • True
  • False

They summarize their results that the intersection between the official lie and the private truth has created unstable welfare systems.

  • Stefan Folster and Fredrik Bergstrom
  • Anders Isaksson
  • Dagens Nyheter
  • Neoliberal arguments

_______ 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.

  • Bentham
  • Utilitarian welfare economics
  • Kenneth Arrow
  • Keynes

He was the first to describe the system as a whole and to show that a competitive market economy generates a Pareto optimal allocation of resources.

  • Pigovian taxes
  • Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
  • Abba P. Lerner
  • Partial equilibrium

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".

  • General equilibrium
  • Walras and Pareto
  • Pareto
  • Godel's proof

When _______ and _______ span there were evidently a spade and a spindle already in existence.

  • Stock of wealth
  • Blast furnaces
  • Adam and Eve
  • Cost of capital

The ________ survey found that in Russia, four-fifths to nine-tenths do not belong to any voluntary association.

  • Social Capital
  • OECD
  • Social exclusion
  • Money

_______ 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.

  • Yang Xiaowei
  • Residual rights of control
  • China
  • Prosperous capitalist

This is the production of a good if the individual can produce the good at the lowest opportunity cost.

  • Comparative advantage
  • Monetary economy
  • Barter system
  • Law of demand

_______ 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.

  • Yang Xiaowei
  • China
  • Residual rights of control
  • Prosperous capitalist

He is an English philosopher who laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of Morals and Legislation.

  • Chrematistiks
  • Jeremy Bentham
  • Adam Smith
  • Francis Ysidro Edgeworth

He emphasized that networks tend to be situational wherein getting a pension involves interaction with officials in a large bureaucratic organization, whereas organizing a social evening for a church depends on informal personal networks.

  • Adam Smith
  • Jeremy Bentham
  • Kenneth Arrow
  • Led Coleman

_______ was substantially criticized if not undermined by the argument that interpersonal comparisons of utility had no scientific basis.

  • Bentham
  • Keynes
  • Kenneth Arrow
  • Utilitarian welfare economics

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.

  • True
  • False

This monetary economy individuals trade goods or services for money and then use this money to buy the goods or services that they wish to acquire.

  • True
  • False

Scarcity implies the existence of tradeoffs wherein these tradeoffs can be illustrated quite nicely by a production possibilities frontier.

  • True
  • False

_______ of corporate governance is mainly reflected in the market for corporate control and especially in contention for control rights.

  • China
  • External control mechanisms
  • Michael Useem
  • Agency costs

_______ define residual rights of control as enterprise ownership.

  • Interest
  • Neo-classical economist
  • Grossmann and Hart
  • Clarke-Groves mechanism

The theory of the market for corporate control was first put forward by Professor Henry G. See of the Washington University Law School in 1965.

  • True
  • False

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.

  • Walter Korpi
  • Welfare dependency
  • Neoliberal arguments
  • David Marsland

________ approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.

  • Social capital
  • Attributes
  • Utilitarian
  • Dupuit

_______ is making current products available for the workers to consume in the meantime.

  • Saving
  • Productiveness of capital
  • Stock of capital
  • Investment

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.

  • True
  • False

These are taken into account that includes the demand for a product both domestic and foreign demand.

  • International markets
  • Complementary goods
  • Scarcity
  • Relative price

Internal control mechanisms of corporate governance is mainly reflected in the market for corporate control and especially in contention for control rights.

  • True
  • False

Goods that are used to produce other goods or services are called economic resources and are also known as inputs or factors of production.

  • True
  • False

Marginal cost is defined as the ________ associated with a one-unit increase in the level of the activity.

  • Next-best
  • Private truth
  • Additional cost
  • Resources

This is the relationship that exists between the price of a good and the quantity supplied in a given time period.

  • Price floor
  • Circular-flow diagram
  • Isaac Newton
  • Supply

Walras and Pareto started from observed disequilibrium and through a process of adjustments, they approached general equilibrium.

  • True
  • False

Enrico Barone led the way in developing both the conceptual framework and the theoretical tools wherein he coined the term incentive compatibility.

  • True
  • False

Stock of capital as the specific list of all the goods in existence at any moment including work-in-progressing the pipe lines of production.

  • True
  • False

They produce goods and services using inputs, such as labor, land, and capital (buildings and machines).

  • Circular-flow diagram
  • Production possibilities frontier
  • Households
  • Firms

_______ 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.

  • Adam and Eve
  • Cost of capital
  • Stock of wealth
  • Blast furnaces

This is the rate at which the currency of one country is converted into the currency of another country.

  • Absolute advantage.
  • Entrepreneurial ability
  • Exchange rate
  • Adam Smith and David Ricardo

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.

  • Physical stock
  • Capital
  • Neo-classical
  • Interest

This is un-invested finance which is a sum of money while the net receipts of a business are sums of money.

  • Interest
  • Neo-classical
  • Capital
  • Physical stock

They span that there were evidently a spade and a spindle already in existence.

  • Adam delved and Eve
  • Investment
  • Unit of labor
  • Saving

Economists say that these goods are the increase in the price of one result in a reduction in the demand for the other.

  • International markets
  • Complementary goods
  • Relative price
  • Scarcity

The City of London Regulations 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.

  • True
  • False

This implies the existence of tradeoffs wherein these tradeoffs can be illustrated quite nicely by a production possibilities frontier.

  • International markets
  • Relative price
  • Scarcity
  • Complementary goods

When Adam delved and Eve span, there were evidently a spade and a spindle already in existence.

  • True
  • False

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.

  • True
  • False

This _______ approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.

  • Jeremy Bentham
  • Chrematistiks
  • Utilitarian
  • Adam Smith

The comparative advantage production of a good is if the individual can produce more than the other individuals.

  • True
  • False

This is the _______ production of a good if the individual can produce more than the other individuals.

  • Adam Smith and David Ricardo
  • Jevons
  • Absolute advantage.
  • Economic good

Households and firms interact in two types of markets wherein in the markets for goods and services, firms are buyers and households are sellers.

  • True
  • False

Saving consists, in essence, in employing labor now in a way which will yield its fruits in the future.

  • True
  • False

_______ influence on the development of microeconomics is through the work of Leon Walras.

  • Produce goods and services
  • Consumers
  • Cournot
  • Economists

This model has for some time attracted attention worldwide wherein in the golden era of welfare capitalism, it was hailed left and right for its unique combination of a capitalist ownership structure and a social market.

  • Sweden
  • Gosta Esping-Andersen
  • Swedish welfare model
  • Social services

Chrematistiks was an analysis of how decisions were made regarding the management of resources.

  • True
  • False

_______ 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.

  • Bergson/Samuelson
  • Economic theory
  • New welfare economics
  • General equilibrium theory

Investment is making current products available for the workers to consume in the meantime.

  • True
  • False

International market is taken into account where the demand for a product includes both domestic and foreign demand.

  • True
  • False

He sees the invisible hand as embodied in a central planner, guiding the economy to a social optimum.

  • Jules Dupuit and Heinrich Gossen
  • Richard Cantillon
  • Adam Smith
  • Leon Walras

John Stuart Mill is an English philosopher who laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of Morals and Legislation.

  • True
  • False

Market advantage is the production of a good if the individual can produce the good at the lowest opportunity cost.

  • True
  • False

He has been given ample room in the columns to put forward the case wherein he argues that income social security is an ever-increasing burden on the welfare state.

  • Neoliberal arguments
  • Stefan Folster and Fredrik Bergstrom
  • Dagens Nyheter
  • Anders Isaksson

He suggested that a perfect market economy and a perfectly planned market economy were equivalent.

  • Samuelson Rule
  • Clarke-Groves Mechanism
  • Partial equilibrium
  • Enrico Barone

Internal control mechanisms of corporate governance are mainly reflected in the market for corporate control and especially in contention for control rights.

  • True
  • False

This is a measurement of how expensive a good is in terms of units of some other good or service.

  • International markets
  • Relative price
  • Scarcity
  • Complementary goods

Welfare independency remains a problem for those individuals who are forced by meager economic circumstances to form their livelihood on receiving welfare.

  • True
  • False

Micro-economic theories conventionally conceive of welfare as the outcome of individual ________, particularly income.

  • Utilitarian
  • Social capital
  • Attributes
  • Dupuit

_______ of restraint in corporate control can be examined with regard to internal and external mechanisms.

  • Mechanisms
  • Henry G. Manne
  • Separation of ownership and control
  • Decision management

_______ draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.

  • Egoistic Hedonism
  • Augustin Cournot
  • Pareto
  • Francis Ysidro Edgeworth

U.S. Federal Securities Act 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 a contract or other means.

  • True
  • False

_______ succinctly defines corporate control as the power exercised over the company with varying degrees of influence by shareholders or those with related benefits.

  • City of London Regulations
  • U.S. Federal Securities Act
  • Zhu Yikun
  • Partnerships

Total utility of society was simply the sum of the individual utilities which focuses the analysis on the ________.

  • Services
  • Welfare
  • Individual
  • Inputs

_______ is a market system in which goods or services are traded directly for other goods or services.

  • Monetary economy
  • Entrepreneurial ability
  • Comparative advantage
  • Barter system

Egoistic Hedonism was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each individual's action his own greatest happiness.

  • True
  • False

Opportunity cost is defined as the cost of not selecting the ________ alternative.

  • Private truth
  • Next-best
  • Additional cost
  • Resources

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.

  • Interest
  • Costs of production
  • Profit
  • Capitalist

The _______ economist thinks of a position of equilibrium as a position towards which an economy is tending to move as time goes by.

  • Physical stock
  • Equilibrium
  • Capital
  • Neo-classical

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 ________.

  • Stock of wealth
  • Adam and Eve
  • Cost of capital
  • Blast furnaces

_______ theory carried with it key foundational problems surrounding the very concept of rationality in a game-theoretic setting.

  • Vienna Colloquium
  • Amartya Sen
  • Evolutionary-type reasoning
  • Rational-choice game

Residual rights of control are the power to make decisions regarding the distribution of the residue produced under the contract.

  • True
  • False

It determines supply price consist of wages and profits.

  • Interest
  • Capitalist
  • Costs of production
  • Productiveness of capital

This is the leading Swedish daily journal that has consistently in its editorial pages campaigned for social security reforms.

  • Dagens Nyheter
  • Neoliberal arguments
  • Stefan Folster and Fredrik Bergstrom
  • Anders Isaksson

Dynamic change can also involve an increase in total welfare in the ________ insofar as greater use of formal networks is more efficient and effective.

  • Resources
  • Communist Party
  • Household
  • Income

Walter Korpi argued that previously relatively backward nations in the ________ were rather catching up with Sweden than Sweden lagging behind and that this was only to be expected since higher growth rates are to be expected from countries that from the outset are relatively poorer.

  • OECD
  • Money
  • Social exclusion
  • Social Capital

_______ 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.

  • Mechanisms
  • Separation of ownership and control
  • Decision management
  • Henry G. Manne

________ wrote that the definition of corporate controlis the authority to employ and dismiss managers at the highest level and to determine their remuneration.

  • Michael Jensen
  • Henry G. Manne
  • Berle and Means
  • External control mechanisms

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.

  • Partnerships
  • Zhu Yikun
  • U.S. Federal Securities Act
  • City of London Regulations

Firms produce goods and services using inputs, such as labor, land, and capital (buildings and machines).

  • True
  • False

_______ 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.

  • General equilibrium
  • Pareto
  • Godel's proof
  • Walras and Pareto

This is the inverse relationship exists between the price of a good and the quantity demanded in a given time period.

  • Monetary economy
  • Comparative advantage
  • Barter system
  • Law of demand

Stocks, bonds, and other financial assets are examples of capital/ resources.

  • True
  • False

They are the one who buys a machine readymade pays a price for it which includes profit to the capitalist who sells it.

  • Capitalist
  • Interest
  • Costs of production
  • Productiveness of capital

________ is not a static body of truths, rather, it is an expression of a perspective about economic activities during a particular historical period.

  • Microeconomics
  • Economic theory
  • Law of demand
  • Mercantilism

The absolute price commodity is a measure of how expensive a good is in terms of units of some other good or service.

  • True
  • False

Households and firms interact in two types of markets. In the markets for goods and services, _______ are buyers and _______ are sellers.

  • Outcome
  • Firms
  • Households, firms
  • Plato

These are far distant system from Weber's ideal-type modern society or Putnam's civic democracy wherein many of the organizational pathologies found there also exist in other parts of the world.

  • Statistical analysis
  • Age
  • Dynamic change
  • Russian Federation

_______ is an un-invested finance for a sum of money and the net receipts of a business are sums of money.

  • Neo-classical
  • Physical stock
  • Capital
  • Equilibrium

Goods that are used to produce other goods or services are called _______ and are also known as inputs or factors of production.

  • Land
  • International markets
  • Capital/ resources
  • Economics Resources

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.

  • Mechanisms
  • Henry G. Manne
  • Decision management
  • Separation of ownership and control

This 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.

  • Bismarkia
  • Social security
  • Johnny Munkhammar
  • Marginal welfare

This was an analysis of how decisions were made regarding the management of resources.

  • Chrematistiks
  • Oikonomiks
  • Jeremy Bentham
  • Adam Smith

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.

  • True
  • False

The Germans are often regarded as the first important contributors to Western culture.

  • True
  • False

_______ is if the quantity of the good demanded exceeds the quantity supplied at a zero price.

  • Economic good
  • Adam Smith and David Ricardo
  • Absolute advantage.
  • Jevons

He took the distributional issue quite a bit further when he made two key contributions to existing theory.

  • Pigou
  • Vilfredo Pareto
  • Jeremy Bentham
  • Manuel d'Economie Politique

The General Equilibriumtheory 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".

  • True
  • False

Holistic characterizations of cultures and societies as trusting as well as thick or thin in network structures are only meaningful insofar as there is a substantial amount of ________ within a society or at least one perspective is hegemonic.

  • Individual
  • Homogeneity
  • Transitionary
  • Welfare

_______ 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.

  • Capitalist
  • Interest
  • Costs of production
  • Profit

Generic social capital is the basis of most theories of ________, for a poor, uneducated or blind person is expected to be excluded from productive networks across a wide range of welfare goods and services.

  • OECD
  • Money
  • Social Capital
  • Social exclusion

A _______ buys a machine readymade pays a price for it which includes profit to the capitalist who sells it.

  • Profit
  • Capitalist
  • Costs of production
  • Interest

They argued that similar benefits accrue from international specialization and trade.

  • Entrepreneurial ability
  • Exchange rate
  • Absolute advantage.
  • Adam Smith and David Ricardo

His influence on the development of microeconomics is through the work of Leon Walras.

  • Francis Ysidro Edgeworth
  • Pareto
  • Adam Smith
  • Cournot

_______ 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.

  • Saving
  • Stock of capital
  • Productiveness of capital
  • Investment

_______ and _______ argued that similar benefits accrue from international specialization and trade.

  • Jevons
  • Economic good
  • Absolute advantage.
  • Adam Smith and David Ricardo

________ started from a pragmatic perspective, defining corporate control as the actual right to choose the members of the board of directors of a company or the majority of the members whether through the exercise of legal powers or by bringing pressure to bear.

  • Michael Jensen
  • External control mechanisms
  • Henry G. Manne
  • Berle and Means

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.

  • Services
  • Welfare
  • Inputs
  • Individual

He is the Swedish economist with a book European Dawn - After the Social Model which summarizes the neoliberal case against the Swedish model very succinctly.

  • Marginal welfare
  • Bismarkia
  • Social security
  • Johnny Munkhammar

Commercial rights of control are the power to make decisions regarding the distribution of the residue produced under the contract.

  • True
  • False

Manufacturers own the factors of production and consume all the goods and services that the firms produce.

  • True
  • False

Partnershipsare the result of the extension of proprietorial enterprises wherein if proprietors establish a partnership by means of a contract they become partners.

  • True
  • False

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 _______.

  • Bergson/Samuelson
  • Economic theory
  • New welfare economics
  • General equilibrium theory

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.

  • True
  • False

Monetary companies own the factors of production and consume all the goods and services that the firms produce.

  • True
  • False

_______ 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.

  • Egoistic Hedonism
  • Francis Ysidro Edgeworth
  • Augustin Cournot
  • Pareto

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.

  • Abba P. Lerner
  • Partial equilibrium
  • Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
  • Pigovian taxes

Welfare declines if some people lose and nobody gains or if some gain and some lose, the welfare change is ambiguous, no verdict where this partial ordering was later called the Pareto criterion.

  • True
  • False

China transactions in enterprise control rights began in 1984 in such cities as Baoding and Beijing.

  • True
  • False

There is a quantity which can be translated from one number to another by changing the unit and this is calledequilibrium.

  • True
  • False

This local market demand for a product includes both domestic and foreign demand.

  • True
  • False

He draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.

  • Egoistic Hedonism
  • Cournot
  • Pareto
  • Francis Ysidro Edgeworth

Education is a human capital determinant of individual ________ either directly or indirectly.

  • Transitionary
  • Welfare
  • Homogeneity
  • Individual

_______ is the production of a good if the individual can produce the good at the lowest opportunity cost.

  • Entrepreneurial ability
  • Comparative advantage
  • Monetary economy
  • Barter system

_______ is the power to make decisions regarding the distribution of the residue produced under a contract.

  • Prosperous capitalist
  • China
  • Residual rights of control
  • Yang Xiaowei

In China, transactions in enterprise control rights began in 1984 in such cities as Baoding and Wuhan.

  • True
  • False

Economic good is if the quantity of the good demanded exceeds the quantity supplied at a zero price.

  • True
  • False

An _______ is said to be efficient if the economy is getting all it can from the scarce resources it has available.

  • Households, firms
  • Firms
  • Plato
  • Outcome

Jeremy Bentham draws an analogy between the Principles of Maximum Energy and the Principles of Greatest Happiness.

  • 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.

  • True
  • False

He developed an analysis of the moral system (The Theory of Moral Sentiments), then an economic system (The Wealth of Nations).

  • Chrematistiks
  • Jeremy Bentham
  • Adam Smith
  • Oikonomiks

This is defined as the additional cost associated with a one-unit increase in the level of the activity.

  • Rational self-interest
  • Relative price
  • Marginal cost
  • Scarcity

Babbage 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.

  • True
  • False

He is the famous seventeenth century scientist and mathematician, allegedly became intrigued one day when he saw an apple fall from an apple tree.

  • Circular-flow diagram
  • Supply
  • Price floor
  • Isaac Newton

The Economic Rule is a first best policy rule for public provision where it presupposes that the government or social planner can collect revenue by using lump-sum taxes.

  • True
  • False

The category of _______ includes all natural resources and these natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground.

  • Land
  • International markets
  • Capital/ resources
  • Economics Resources

_______ Company Law provides that companies can take two forms, namely limited liability companies or joint stock limited companies.

  • China
  • Agency costs
  • Michael Useem
  • External control mechanisms

The process of accumulation consists in refraining from consuming current output in order to add to thestock of wealth.

  • True
  • False

This studied human activities involved with "wealth-getting" which could be unnatural as well as natural.

  • Adam Smith
  • Chrematistiks
  • Oikonomiks
  • Jeremy Bentham

Productiveness 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.

  • True
  • False

A capitalist who buys a machine readymade pays a price for it which includes profit to the capitalist who sells it.

  • True
  • False

They called these taxes the welfare optimizing or improving taxes under externalities.

  • Abba P. Lerner
  • Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
  • Partial equilibrium
  • Pigovian taxes

He introduced the full-fledged general equilibrium system based on the fundamental principles of utility maximization and profit maximization.

  • Richard Cantillon
  • Jules Dupuit and Heinrich Gossen
  • Leon Walras
  • Adam Smith

It conceived that the Communist Party is an organizational weapon for seizing power.

  • Social Capital survey
  • Leninist doctrine
  • Age
  • Statistical analysis

_______ 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.

  • Partnerships
  • City of London Regulations
  • Zhu Yikun
  • U.S. Federal Securities Act

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.

  • Capital
  • Physical stock
  • Interest
  • Neo-classical

Economics evaluates the current state of our world and to speculate on ways that it might be improved where it is an important aspect of our education.

  • True
  • False

The theory of consumer choice examines the tradeoffs that people face in their role as _______.

  • Consumers
  • Economists
  • Produce goods and services
  • Cournot

The category of land includes all natural resources and these natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground.

  • True
  • False

Mechanisms of restraint in corporate control can be examined with regard to internal and external mechanisms wherein internal control mechanisms are also known as the company's internal governance structure.

  • True
  • False

The production possibilities frontier simplifies a complex ________ to highlight and clarifies some basic ideas.

  • Economy
  • Income
  • Scarce resources
  • Formal organizations

The purpose of which is to keep the price of a good above the market equilibrium price.

  • Circular-flow diagram
  • Supply
  • Price floor
  • Isaac Newton

Self-interest people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other similarly altruistic activities.

  • True
  • False

He created the invisible hand idea that is one of the most fundamental equilibrating relations in Economic Theory.

  • Leon Walras
  • Adam Smith
  • Richard Cantillon
  • Jeremy Bentham

Stocks, bonds, and other financial assets are examples of _______.

  • International markets
  • Land
  • Capital/ resources
  • Economics Resources

_______ used only one basic criterion of social improvement called the Pareto comparison.

  • Bergson/Samuelson
  • General equilibrium theory
  • Economic theory
  • New welfare economics

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 privately held corporations.

  • True
  • False

The theory of ________ examines the tradeoffs that people face in their role as consumers.

  • Circular-flow diagram
  • Enrico Barone
  • Consumer choice
  • Samuelson Rule

He paints a vivid picture of the demerits of the welfare state in this relation.

  • Walter Korpi
  • Welfare dependency
  • David Marsland
  • Neoliberal arguments

This _______ demand for a product includes both domestic and foreign demand.

  • Economics Resources
  • Capital/ resources
  • International markets
  • Land

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.

  • Economics
  • Coase
  • Opportunity cost
  • Law of demand

_______ 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.

  • Vienna Colloquium
  • Rational-choice game
  • Amartya Sen
  • Evolutionary-type reasoning

Zhu Yikun succinctly defines corporate control as the power exercised over the company with varying degrees of influence by shareholders or those with related benefits.

  • True
  • False

This is the only consistently significant socio-economic influence wherein older people tend to have less income security.

  • Age
  • Leninist doctrine
  • Statistical analysis
  • Social Capital survey

This individual trade goods or services for money and then use this money to buy the goods or services that they wish to acquire.

  • Barter system
  • Monetary economy
  • Comparative advantage
  • Law of demand

John Stuart Mill who 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.

  • True
  • False

This _______ may be used as a tool to aid in the decision making process.

  • Oikonomiks
  • Greeks
  • Self-interested
  • Microeconomics

This was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each individual's action his own greatest happiness.

  • Augustin Cournot
  • Egoistic Hedonism
  • Jevons
  • Utilitarian approach

The theory of the market for corporate control was first put forward by ________ of the Washington University Law School in 1965.

  • Michael Jensen
  • Berle and Means
  • External control mechanisms
  • Henry G. Manne

Economists say that supplementary goods areincrease in the price of one result in a reduction in the demand for the other.

  • True
  • False

Bureaucratic organizations are predictably expected to deliver goods and services to individuals as citizens and customers.

  • True
  • False

This is a process of accumulation consists in refraining from consuming current output.

  • Cost of capital
  • Equilibrium
  • Blast furnaces
  • Stock of wealth

Economist also uses models to learn about the world but instead of being made of plastic, they are most often composed of diagrams and equations.

  • True
  • False

_______ developed an analysis of the moral system called The Theory of Moral Sentiments, then an economic system called The Wealth of Nations.

  • Adam Smith
  • Utilitarian
  • Chrematistiks
  • Jeremy Bentham

________ theory exemplifies how far contemporary neoclassical economics has come from a time when rationally maximizing behavior on the part of individuals was thought to be necessary for a coherent economic model.

  • Henry G. Manne
  • Traditional welfare economics
  • Evolutionary game
  • External control mechanisms

_______ is the result of the extension of proprietorial enterprises wherein if proprietors establish a partnership by means of a contract they become partners.

  • Partnerships
  • U.S. Federal Securities Act
  • City of London Regulations
  • Zhu Yikun

In recent years, this is the most fundamental and loud-voiced criticism of the Swedish model pertains to its function.

  • David Marsland
  • Walter Korpi
  • Welfare dependency
  • Neoliberal arguments

_______ was an analysis of how decisions were made regarding the management of resources.

  • Greeks
  • Microeconomics
  • Self-interested
  • Oikonomiks

They are often regarded as the first important contributors to Western culture.

  • Greeks
  • Indians
  • Mongols
  • Aztecs

Partnerships are the result of the extension of proprietorial enterprises wherein if proprietors establish a partnership by means of a contract they become partners.

  • True
  • False

_______ also use models to learn about the world, but instead of being made of plastic, they are most often composed of diagrams and equations.

  • Cournot
  • Economists
  • Consumers
  • Produce goods and services

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.

  • Plato
  • Francis Ysidro Edgeworth
  • Jevons
  • Augustin Cournot

Economics is the study of how individuals and societies use limited ________ to satisfy unlimited wants.

  • Additional cost
  • Next-best
  • Resources
  • Private truth

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.

  • Firms
  • Production possibilities frontier
  • Circular-flow diagram
  • Households

This is a market system in which goods or services are traded directly for other goods or services.

  • Barter system
  • Law of demand
  • Comparative advantage
  • Monetary economy

Goods that are used to produce other goods or services are called economic growth and are also known as inputs or factors of production.

  • True
  • False

He argued that backward nations in the OECD were rather catching up with Sweden than Sweden lagging behind.

  • Neoliberal arguments
  • Welfare dependency
  • David Marsland
  • Walter Korpi

This is the production of a good if the individual can produce more than the other individuals.

  • Entrepreneurial ability
  • Exchange rate
  • Absolute advantage.
  • Adam Smith and David Ricardo

This welfare consists of means and needs tested benefits, which are administered at the local levels.

  • Bismarkia
  • Marginal welfare
  • Social security
  • Johnny Munkhammar

The theory of value treats the short period, in which the _______ of capital equipment is given and it has many applications.

  • Equilibrium
  • Physical stock
  • Capital
  • Neo-classical

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.

  • Pareto
  • Adam Smith
  • Augustin Cournot
  • Jevons

Keynes had diagnosed the Great Depression of the 1930s as a failure of aggregate demand.

  • True
  • False

These is consists, in essence, in employing labor now in a way which will yield its fruits in the future.

  • Saving
  • Investment
  • Adam delved and Eve
  • Unit of labor

They own the factors of production and consume all the goods and services that the firms produce.

  • Circular-flow diagram
  • Production possibilities frontier
  • Firms
  • Households

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 ________.

  • Economic theory
  • New welfare economics
  • Bergson/Samuelson
  • General equilibrium theory

The main system of protection from income-loss and/or absence from the labor market in Sweden remains the overall social security system.

  • True
  • False

Circular-flowdiagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy.

  • True
  • False

The theory of consumer choice examines the tradeoffs that people face in their role as Producers.

  • True
  • False

________ is the inverse relationship exists between the price of a good and the quantity demanded in a given time period.

  • Mercantilism
  • Law of demand
  • Economic theory
  • Microeconomics

The process of accumulation consists in refraining from consuming current output in order to add to the ________.

  • Blast furnaces
  • Adam and Eve
  • Stock of wealth
  • Cost of capital

_______ 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.

  • Utilitarian welfare economics
  • Kenneth Arrow
  • Bentham
  • Keynes

United Kingdom Company Law provides that companies can take two forms, namely limited liability companies or joint stock limited companies.

  • True
  • False

This is characterize when 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.

  • Capitalist
  • Productiveness of capital
  • Costs of production
  • 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.

  • Good
  • Barter system
  • Social security
  • Production

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.

  • Comparative advantage
  • Monetary economy
  • Entrepreneurial ability
  • Barter system

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.

  • Michael Useem
  • External control mechanisms
  • China
  • Agency costs

Absolute advantage is the production of a ________ if the individual can produce more than the other individuals.

  • Production
  • Barter system
  • Social security
  • Good

This analysis confirms a message that many Russians learned long ago that a portfolio of resources is the best way to secure welfare.

  • Age
  • Statistical analysis
  • Leninist doctrine
  • Social Capital survey

Godel's proof is the boundary of the analyticity of arithmetic was not airtight and for the Colloquium's work on general equilibrium theory, Carnap's invocation of ever richer arithmetical languages was problematic and would prove to be prophetic at least with regard to general equilibrium theory.

  • True
  • False

_______ produce goods and services using inputs, such as labor, land, and capital (buildings and machines).

  • Outcome
  • Households, firms
  • Plato
  • Firms

_______ 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.

  • Rational-choice game
  • Evolutionary-type reasoning
  • Vienna Colloquium
  • Amartya Sen

Cost of capital includes the cost of capital goods and since they must be constructed before they can be used, part of the cost of capital 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.

  • True
  • False

It refers to the ability to organize production and bear risks.

  • Absolute advantage.
  • Adam Smith and David Ricardo
  • Entrepreneurial ability
  • Exchange rate

________ represents the flows of goods and services between households and firms.

  • Enrico Barone
  • Consumer choice
  • Samuelson Rule
  • Circular-flow diagram

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.

  • Samuelson Rule
  • Clarke-Groves Mechanism
  • Partial equilibrium
  • Enrico Barone

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.

  • True
  • False

This version was first introduced by Dupuit (1844), in which he studied the value of a large project.

  • Pigovian taxes
  • Abba P. Lerner
  • Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
  • Partial equilibrium

Pareto 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.

  • True
  • False

_______ consists, in essence, in employing labor now in a way which will yield its fruits in the future.

  • Saving
  • Investment
  • Stock of capital
  • Productiveness of capital

_______ people may donate their time to charitable organizations, give gifts to loved ones, contribute to charities and engage in other similarly altruistic activities.

  • Self-interested
  • Microeconomics
  • Oikonomiks
  • Greeks

This may be used as a tool to aid in the decision making process.

  • Microeconomics
  • Greeks
  • Economics
  • Plato

_______ transactions in enterprise control rights began in 1984 in such cities as Baoding and Wuhan.

  • Residual rights of control
  • Yang Xiaowei
  • Prosperous capitalist
  • China

In these markets, households provide firms the inputs that the firms use to _______ and _______.

  • Cournot
  • Economists
  • Produce goods and services
  • Consumers

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.

  • Jeremy Bentham
  • Vilfredo Pareto
  • Pigou
  • Manuel d'Economie Politique

Arthur Montblancis the best known of the early contributors to French rationalist microeconomics wherein he perceives the quantity demanded as a continuous function of the price.

  • True
  • False

________ of corporate governance are mainly reflected in the market for corporate control and especially in contention for control rights.

  • Michael Jensen
  • External control mechanisms
  • Henry G. Manne
  • Berle and Means

Demand is the relationship that exists between the price of a good and the quantity supplied in a given time period.

  • 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.

  • True
  • False

He began his Republic with an economic interpretation of history wherein he begins by seeking the meaning of justice.

  • Pareto
  • Plato
  • Adam Smith
  • Augustin Cournot

Pareto expressed it in the second edition when he proposed that welfare increases if some people gain and nobody loses.

  • Jeremy Bentham
  • Vilfredo Pareto
  • Manuel d'Economie Politique
  • Pigou

The characteristic by which goods are specified is that they have value that is purchasing power over each other for which the list of goods is quite specific.

  • True
  • False

_______ had diagnosed the Great Depression of the 1930s as a failure of aggregate demand.

  • Utilitarian welfare economics
  • Bentham
  • Keynes
  • Kenneth Arrow

John Stuart Mill can be regarded as a ________ writer, he connects the Classical economists and Utilitarianism to the development of market oriented microeconomics.

  • Homogeneity
  • Welfare
  • Individual
  • Transitionary

According to him, 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.

  • Law of demand
  • Opportunity cost
  • Coase
  • Economics

Regional cost defined as the additional cost associated with a one-unit increase in the level of the activity.

  • True
  • False

This mechanism is a system of side-payments which introduced to the individual alongside the willingness to pay.

  • Partial equilibrium
  • Samuelson Rule
  • Enrico Barone
  • Clarke-Groves Mechanism

_______ continued to work on the possibility of the existence, stability, and uniqueness of general equilibrium theory in increasingly complex formal mathematical models.

  • Evolutionary-type reasoning
  • Vienna Colloquium
  • Rational-choice game
  • Amartya Sen

________ is a market system in which goods or services is traded directly for other goods or services.

  • Good
  • Social security
  • Barter system
  • Production

The law of supply is the inverse relationship exists between the price of a good and the quantity demanded in a given time period.

  • True
  • False

People consume less than they desire because their spending is constrained or limited by their ________.

  • Scarce resources
  • Formal organizations
  • Economy
  • Income

The first book in Adam Smith's celebrated volume The Wealth of Nations brings up a valuation problem that is usually referred to as The Economic Theory.

  • True
  • False

This can never be expended in a pure form.

  • Investment
  • Adam delved and Eve
  • Saving
  • Unit of labor

Lenism developed the party as an organization with the totalitarian vocation of abolishing informal social networks and mobilizing the population into party-led formal organizations covering every sphere of social life.

  • True
  • False

_______ is an English philosopher, laid the foundation for British Utilitarian microeconomics in his Introduction to the Principles of Morals and Legislation.

  • Adam Smith
  • Jeremy Bentham
  • Chrematistiks
  • Utilitarian

________ was developed by utilitarian economists such as Marshall and Pigou, taking inspiration from their predecessor Jeremy Bentham.

  • Evolutionary game
  • Henry G. Manne
  • Traditional welfare economics
  • External control mechanisms

_______ is the specific list of all the goods in existence at any moment including work-in-progressing the pipe lines of production.

  • Stock of capital
  • Productiveness of capital
  • Saving
  • Investment

This is one of the parts of the Swedish welfare state, which most resembles the image of a general welfare state.

  • Swedish welfare model
  • Social services
  • Sweden
  • Gosta Esping-Andersen

The theory of the market for corporate control was first put forward by Professor _______ of the Washington University Law School in 1965.

  • Separation of ownership and control
  • Henry G. Manne
  • Mechanisms
  • Decision management

Pareto 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.

  • 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.

  • True
  • False

The costs of production which determine supply price consist of wages and profits.

  • True
  • False

India's Company Law provides that companies can take two forms, namely limited liability companies or joint stock limited companies.

  • True
  • False

This is when capital equipment is given only part of the theory of value which treats of the short period.

  • Capital
  • Interest
  • Physical stock
  • Neo-classical

_______ 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.

  • Augustin Cournot
  • Francis Ysidro Edgeworth
  • Egoistic Hedonism
  • Pareto

The _______ determine supply price consist of wages and profits.

  • Profit
  • Interest
  • Capitalist
  • Costs of production

The _______ are often regarded as the first important contributors to Western culture.

  • Self-interested
  • Greeks
  • Microeconomics
  • Oikonomiks

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.

  • True
  • False

This theory of trust normally treats social capital as a diffuse attribute of an individual wherein a person trusts others in many different situations.

  • Led Coleman
  • Social psychological theory
  • Micro-economic theory
  • Formal organizations

_______ is largely responsible for the simplification of Bentham's utilitarian philosophy as is has come to be used as a foundation for mainstream microeconomics.

  • Economic good
  • Absolute advantage.
  • Adam Smith and David Ricardo
  • Jevons

General equilibrium model explains how ________ used to produce a set of goods that will result in the maximum social wealth.

  • Inputs
  • Individual
  • Welfare
  • Services

He wrote a famous typology of welfare regimes under capitalism.

  • Swedish welfare model
  • Social services
  • Gosta Esping-Andersen
  • Sweden

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.

  • 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.

  • True
  • False

Opportunity 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.

  • True
  • False

_______ began his Republic with an economic interpretation of history wherein he begins by seeking the meaning of justice.

  • Firms
  • Plato
  • Households, firms
  • Outcome

This approach encourages the focus to be on individual behavior and the optimization of the welfare of the individual.

  • Egoistic Hedonism
  • Augustin Cournot
  • Utilitarian approach
  • Jevons

The category of "land" includes all natural resources wherein these natural resources include the land itself, as well as any minerals, oil deposits, timber, or water that exists on or below the ground.

  • True
  • False

_______ is a studied human activities involved with "wealth-getting" which could be unnatural as well as natural.

  • Chrematistiks
  • Jeremy Bentham
  • Utilitarian
  • Adam Smith

The only part of the theory of value which treats of the short period, in which the technological stock of capital equipment is given, has any application.

  • True
  • False

_______ and _______ started from observed disequilibrium and through a process of adjustments, they approached general equilibrium.

  • Godel's proof
  • Walras and Pareto
  • General equilibrium
  • Pareto

Industrial welfare economics was substantially criticized if not undermined by the argument that interpersonal comparisons of utility had no scientific basis.

  • True
  • False

His idea of maximizing utility of the maximum number of people typically involves one maximum too many to be feasible.

  • Pigou
  • Jeremy Bentham
  • Vilfredo Pareto
  • Manuel d'Economie Politique

This diagram represents the flows of goods and services between households and firms.

  • Production possibilities frontier
  • Households
  • Circular-flow diagram
  • Firms

This Microeconomics may be used as a tool to aid in the decision making process.

  • True
  • False

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.

  • Francis Ysidro Edgeworth
  • Cournot
  • Pareto
  • Plato

________ are a necessary part of a modern society, which by definition requires impersonal bureaucratic organizations of state and market that can routinely produce complex goods such as automobiles and services such as university education.

  • Formal organizations
  • Scarce resources
  • Economy
  • Income

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
  • Michael Useem
  • External control mechanisms
  • China

Capital when it consists of un-invested finance is a sum of money and the net receipts of a business are sums of money.

  • True
  • False

This diagram offers a simple way of organizing all the economic transactions that occur between households and firms in the economy.

  • Isaac Newton
  • Price floor
  • Supply
  • Circular-flow diagram

_______ was defined by Sidgwick as the system that fixes as the reasonable ultimate end of each individual's action his own greatest happiness.

  • Francis Ysidro Edgeworth
  • Egoistic Hedonism
  • Augustin Cournot
  • Pareto

There is a quantity which can be translated from one number to another by changing the unit and this is called ________.

  • Physical stock
  • Capital
  • Neo-classical
  • Equilibrium

This survey found out that in Russia, four-fifths to nine-tenths do not belong to any voluntary association.

  • Statistical analysis
  • Social Capital survey
  • Leninist doctrine
  • Age

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.

  • Scarcity
  • Rational self-interest
  • Relative price
  • Marginal cost

________ provided a justification for and explanation of the activities of the rising merchant class.

  • Law of demand
  • Microeconomics
  • Economic theory
  • Mercantilism

This is the inverse relationship exists between the price of a good and the quantity demanded in a given time period, ceteris paribus.

  • Economics
  • Opportunity cost
  • Coase
  • Law of demand

Stefan Folster and Fredrik Bergstrom summarize their results that the intersection between the official lie and the ________ has created unstable welfare systems.

  • Additional cost
  • Resources
  • Next-best
  • Private truth

_______ 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.

  • Godel's proof
  • Walras and Pareto
  • General equilibrium
  • Pareto

_______ refers to the ability to organize production and bear risks.

  • Barter system
  • Monetary economy
  • Comparative advantage
  • Entrepreneurial ability

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 reduceagency costs.

  • True
  • False

The cost a capitalist who has the machine built in his own workshops will expect to receive, from sales of the final output, includes profit on the interest on the cost of having the machine built reckoned over the period of construction.

  • True
  • False

________ suggested that a perfect market economy and a perfectly planned market economy were equivalent.

  • Circular-flow diagram
  • Samuelson Rule
  • Enrico Barone
  • Consumer choice

This is making current products available for the workers to consume in the meantime.

  • Saving
  • Adam delved and Eve
  • Unit of labor
  • Investment

Sweden has this kind of social security system where payments are compulsory.

  • Social security
  • Marginal welfare
  • Johnny Munkhammar
  • Bismarkia