BASIC MICROECONOMICS midterm QUIZ 1/2

Question 1
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He introduced the full-fledged general equilibrium system based on the fundamental principles
of utility maximization and profit maximization.
Select one:

a.

Adam Smith

b.

Jules Dupuit and Heinrich Gossen

c.

Leon Walras

d.

Richard Cantillon

Question 2
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He had diagnosed the Great Depression of the 1930s as a failure of aggregate demand.
Select one:

a.

Amaryta Sen

b.

Keynes

c.

Kenneth Arrow
d.

Godel

Question 3
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He is an Austrian who developed the concept of marginal utility concurrently and independent of
Jevons.

Select one:

a.

Mercantilism

b.

Carl Menger

c.

John Stuart Mill

d.

Aristotle

Question 4
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He identifies the dominant price-leader cases and trade association price-fixing activities wherein
he concludes on the basis of discussion with entrepreneurs that there is a range of output starting
from a point as much as 10 percent or 15 percent below normal output to a point as much above
normal output, over which marginal cost is fairly constant.
Select one:

a.

Dean

b.

Nicholls
c.

Saxton

d.

Oxenfeldt

Question 5
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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.
Select one:

a.

Adam Smith

b.

Kenneth Arrow

c.

Jeremy Bentham

d.

Led Coleman

Question 6
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He is a pioneer and advocate of social choice theory wherein 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.

Kenneth Arrow
b.

Vienna Colloquium

c.

Amartya Sen

d.

Walras and Pareto

Question 7
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He finds that there is no significant evidence for other than a linear relation between labor input
and output in meat packing.
Select one:

a.

Oxenfeldt

b.

Saxton

c.

Nicholls

d.

Dean

Question 8
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He 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.
Bentham

b.

Godel

c.

Arrow

d.

Pareto

Question 9
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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.

Select one:

a.

Stefan Folster and Fredrik Bergstrom

b.

Anders Isaksson

c.

Dagens Nyheter

d.

Neoliberal arguments

Question 10
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He identifies the division of labor as a primary source of increased productivity and the Wealth of
Nations.

Select one:
a.

Microeconomics

b.

Economic theory

c.

Socrates

d.

Adam Smith

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

Select one:

a.

Welfare dependency

b.

Walter Korpi

c.

Neoliberal arguments

d.

David Marsland

Question 2
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He is an English philosopher who laid the foundation for British Utilitarian microeconomics in his
Introduction to the Principles of Morals and Legislation.
Select one:

a.

Adam Smith

b.
Chrematistiks

c.

Francis Ysidro Edgeworth

d.

Jeremy Bentham

Question 3
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He 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:

a.

Adam Smith

b.

Pareto

c.

Isaac Newton

d.

Plato

Question 4
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He 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:

a.
Circular-flow diagram

b.

Price floor

c.

Supply

d.

Isaac Newton

Question 5
Incorrect

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

Select one:

a.

Clarke-Groves Mechanism

b.

Partial equilibrium

c.

Enrico Barone

d.

Samuelson Rule

Question 6
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He 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.

Kenneth Arrow

c.

Pareto

d.

Bentham

Question 7
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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.

Pareto

c.

Jevons

d.

Augustin Cournot

Question 8
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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.

Select one:

a.

Bismarkia

b.

Johnny Munkhammar

c.

Marginal welfare

d.

Social security

Question 9
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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.

Augustin Cournot

b.

Plato

c.

Jevons

d.

Francis Ysidro Edgeworth

Question 10
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He sees the invisible hand as embodied in a central planner, guiding the economy to a social
optimum.

Select one:

a.

Adam Smith

b.

Richard Cantillon

c.

Leon Walras

d.

Jules Dupuit and Heinrich Gossen