Question 

1
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Economic good is if the quantity of the good demanded exceeds the quantity supplied at a
zero price.

Select one:
True 
False

Question 2
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This is a market system in which goods or services are traded directly for other goods or
services.

Select one:
a.
Law of demand
b.
Monetary economy
c.
Comparative advantage
d.
Barter system

Question 3
Correct
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 Flag question

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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.

Select one:
True 
False

Question 4
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This 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.
Monetary economy
c.
Law of demand
d.
Barter system

Question 5
Correct
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 Flag question

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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.

Select one:
True 
False

Question 6
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They argued that similar benefits accrue from international specialization and trade.

Select one:
a.
Exchange rate
b.
Entrepreneurial ability
c.
Absolute advantage.
d.
Adam Smith and David Ricardo

Question 7
Correct
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This is the rate at which the currency of one country is converted into the currency of
another country.

Select one:
a.
Exchange rate
b.
Adam Smith and David Ricardo
c.
Entrepreneurial ability
d.
Absolute advantage.

Question 8
Correct
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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 

Question 9
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It refers to the ability to organize production and bear risks.

Select one:
a.
Entrepreneurial ability
b.
Absolute advantage.
c.
Exchange rate
d.
Adam Smith and David Ricardo

Question 10
Correct
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This is the production of a good if the individual can produce more than the other
individuals.

Select one:
a.
Entrepreneurial ability
b.
Absolute advantage.
c.
Adam Smith and David Ricardo
d.
Exchange rate

Question 1
Correct
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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.
Jevons
c.
Pareto
d.
Augustin Cournot

Question 2
Correct
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He developed an analysis of the moral system (The Theory of Moral Sentiments), then an
economic system (The Wealth of Nations).

Select one:
a.
Chrematistiks
b.
Adam Smith
c.
Jeremy Bentham
d.
Oikonomiks

Question 3
Correct
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This studied human activities involved with "wealth-getting" which could be unnatural as
well as natural.

Select one:
a.
Chrematistiks
b.
Oikonomiks
c.
Jeremy Bentham
d.
Adam Smith

Question 4
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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.
Cournot
c.
Pareto
d.
Plato

Question 5
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This may be used as a tool to aid in the decision making process.

Select one:
a.
Plato
b.
Microeconomics
c.
Economics
d.
Greeks

Question 6
Correct
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They are often regarded as the first important contributors to Western culture.

Select one:
a.
Mongols
b.
Greeks
c.
Indians
d.
Aztecs

Question 7
Correct
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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.
Jevons
c.
Plato
d.
Francis Ysidro Edgeworth

Question 8
Correct
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This was an analysis of how decisions were made regarding the management of resources.

Select one:
a.
Adam Smith
b.
Oikonomiks
 c.
Chrematistiks
d.
Jeremy Bentham

Question 9
Correct
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This approach encourages the focus to be on individual behavior and the optimization of
the welfare of the individual.

Select one:
a.
Jevons
b.
Augustin Cournot
c.
Egoistic Hedonism
d.
Utilitarian approach

Question 10
Correct
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He draws an analogy between the Principles of Maximum Energy and the Principles of
Greatest Happiness.

Select one:
a.
Pareto
 b.
Cournot
c.
Egoistic Hedonism
d.
Francis Ysidro Edgeworth

Question 1
Correct
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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.
Cost of capital
b.
Blast furnaces
c.
Stock of wealth
d.
Equilibrium

Question 2
Correct
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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.
Neo-classical
b.
Physical stock
c.
Interest
d.
Capital

Question 3
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This is un-invested finance which is a sum of money while the net receipts of a business are
sums of money.

Select one:
a.
Neo-classical
b.
Interest
c.
Capital
d.
Physical stock

Question 4
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These is consists, in essence, in employing labor now in a way which will yield its fruits in the
future.

Select one:
a.
Saving
b.
Adam delved and Eve
c.
Unit of labor
d.
Investment

Question 5
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This is a quantity which can be translated from one number to another by changing the unit.

Select one:
a.
Equilibrium
b.
Blast furnaces
c.
Stock of wealth
d.
Cost of capital

Question 6
Correct
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 Question text
They span that there were evidently a spade and a spindle already in existence.

Select one:
a.
Adam delved and Eve
b.
Investment
c.
Saving
d.
Unit of labor

Question 7
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They are the one who buys a machine readymade pays a price for it which includes profit to
the capitalist who sells it.

Select one:
a.
Capitalist
b.
Costs of production
c.
Productiveness of capital
d.
Interest

Question 8
Correct
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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.

Select one:
a.
Costs of production
b.
Productiveness of capital
c.
Capitalist
d.
Interest

Question 9
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This is when capital equipment is given only part of the theory of value which treats of the
short period.

Select one:
a.
Physical stock
b.
Capital
c.
Neo-classical
d.
Interest
Question 10
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This can never be expended in a pure form.

Select one:
a.
Unit of labor
b.
Saving
c.
Investment
d.
Adam delved and Eve

Question 1
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Liu Xiaoxuan 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 

Question 2
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India's Company Law provides that companies can take two forms, namely limited liability
companies or joint stock limited companies.

Select one:
True
False 

Question 3
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In China, transactions in enterprise control rights began in 1984 in such cities as Baoding
and Wuhan.

Select one:
True 
False

Question 4
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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.

Select one:
 True 
False

Question 5
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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.

Select one:
True 
False

Question 6
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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

Question 7
Correct
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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 
False

Question 8
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Partnerships 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

Question 9
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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 

Question 10
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Commercial rights of control are the power to make decisions regarding the distribution of
the residue produced under the contract.

Select one:
True
False 

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.

Select one:
a.
Pigovian taxes
b.
Abba P. Lerner
c.
Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
d.
Partial equilibrium

Question 2
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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

Question 3
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This mechanism is a system of side-payments which introduced to the individual alongside
the willingness to pay.

Select one:
a.
Partial equilibrium
b.
Clarke-Groves Mechanism
c.
Enrico Barone
d.
Samuelson Rule

Question 4
Correct
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 Flag question

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

Select one:
a.
Jeremy Bentham
b.
Pigou
c.
Vilfredo Pareto
d.
Manuel d'Economie Politique

Question 5
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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.
Richard Cantillon
b.
Adam Smith
c.
Jules Dupuit and Heinrich Gossen
d.
Leon Walras
Question 6
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He took the distributional issue quite a bit further when he made two key contributions to
existing theory.

Select one:
a.
Manuel d'Economie Politique
b.
Pigou
c.
Jeremy Bentham
d.
Vilfredo Pareto

Question 7
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They called these taxes the welfare optimizing or improving taxes under externalities.

Select one:
a.
Abba P. Lerner
b.
Pigovian taxes
c.
Partial equilibrium
d.
Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics

Question 8
Correct
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They are the one who founded the modern utilitarian framework in Economics.

Select one:
a.
Richard Cantillon
b.
Adam Smith
c.
Leon Walras
d.
Jules Dupuit and Heinrich Gossen

Question 9
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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.
Pigou
b.
Manuel d'Economie Politique
c.
Jeremy Bentham
 d.
Vilfredo Pareto

Question 10
Correct
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This version was first introduced by Dupuit (1844), in which he studied the value of a large
project.

Select one:
a.
Abba P. Lerner
b.
Pigovian taxes
c.
Arrows Impossibility Theorem or the Third Fundamental Theorem of Welfare Economics
d.
Partial equilibrium

Question 1
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This welfare consists of means and needs tested benefits, which are administered at the
local levels.

Select one:
a.
Bismarkia
b.
Johnny Munkhammar
 c.
Marginal welfare
d.
Social security

Question 2
Correct
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This is one of the parts of the Swedish welfare state, which most resembles the image of a
general welfare state.

Select one:
a.
Social services
b.
Gosta Esping-Andersen
c.
Swedish welfare model
d.
Sweden

Question 3
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He wrote a famous typology of welfare regimes under capitalism.

Select one:
a.
Swedish welfare model
b.
Social services
c.
Sweden
d.
Gosta Esping-Andersen

Question 4
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He argued that backward nations in the OECD were rather catching up with Sweden than
Sweden lagging behind.

Select one:
a.
Neoliberal arguments
b.
Welfare dependency
c.
Walter Korpi
d.
David Marsland

Question 5
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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.

Select one:
 a.
Gosta Esping-Andersen
b.
Sweden
c.
Social services
d.
Swedish welfare model

Question 6
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In recent years, this is the most fundamental and loud-voiced criticism of the Swedish model
pertains to its function.

Select one:
a.
Walter Korpi
b.
David Marsland
c.
Neoliberal arguments
d.
Welfare dependency

Question 7
Correct
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He paints a vivid picture of the demerits of the welfare state in this relation.
Select one:
a.
David Marsland
b.
Neoliberal arguments
c.
Walter Korpi
d.
Welfare dependency

Question 8
Correct
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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.
Marginal welfare
b.
Social security
c.
Bismarkia
d.
Johnny Munkhammar

Question 9
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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.

Select one:
a.
Social security
b.
Bismarkia
c.
Johnny Munkhammar
d.
Marginal welfare

Question 10
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This country is now portrayed as being a welfare state in disarray and voices both domestic
and international have argued that its own model is more and more part of the problem
rather than the solution.

Select one:
a.
Sweden
b.
Gosta Esping-Andersen
c.
Social services
d.
Swedish welfare model

Question 1
Correct
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 Flag question

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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.
Opportunity cost
b.
Law of demand
c.
Economics
d.
Coase

Question 2
Correct
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This is the inverse relationship exists between the price of a good and the quantity
demanded in a given time period, ceteris paribus.

Select one:
a.
Economics
b.
Opportunity cost
c.
Law of demand
d.
Coase
Question 3
Incorrect
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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.
Comparative advantage
b.
Entrepreneurial ability
c.
Monetary economy
d.
Barter system

Question 4
Correct
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This _______ approach encourages the focus to be on individual behavior and the
optimization of the welfare of the individual.

Select one:
a.
Jeremy Bentham
b.
Chrematistiks
c.
Utilitarian
 d.
Adam Smith

Question 5
Correct
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The _______ are often regarded as the first important contributors to Western culture.

Select one:
a.
Self-interested
b.
Microeconomics
c.
Oikonomiks
d.
Greeks

Question 6
Correct
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_______ developed an analysis of the moral system called The Theory of Moral Sentiments,
then an economic system called The Wealth of Nations.

Select one:
a.
Jeremy Bentham
b.
Chrematistiks
c.
Utilitarian
d.
Adam Smith

Question 7
Correct
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_______ refers to the ability to organize production and bear risks.

Select one:
a.
Monetary economy
b.
Entrepreneurial ability
c.
Barter system
d.
Comparative advantage

Question 8
Correct
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_______ produce goods and services using inputs, such as labor, land, and capital (buildings
and machines).

Select one:
a.
Firms
b.
Households, firms
 c.
Outcome
d.
Plato

Question 9
Correct
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_______ is the production of a good if the individual can produce the good at the lowest
opportunity cost.

Select one:
a.
Monetary economy
b.
Barter system
c.
Comparative advantage
d.
Entrepreneurial ability

Question 10
Correct
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_______ draws an analogy between the Principles of Maximum Energy and the Principles of
Greatest Happiness.

Select one:
a.
Egoistic Hedonism
 b.
Pareto
c.
Francis Ysidro Edgeworth
d.
Augustin Cournot

Question 11
Correct
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This is the relationship that exists between the price of a good and the quantity supplied in
a given time period.

Select one:
a.
Price floor
b.
Supply
c.
Isaac Newton
d.
Circular-flow diagram

Question 12
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_______ is if the quantity of the good demanded exceeds the quantity supplied at a zero
price.

Select one:
 a.
Adam Smith and David Ricardo
b.
Jevons
c.
Absolute advantage.
d.
Economic good

Question 13
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_______ influence on the development of microeconomics is through the work of Leon
Walras.

Select one:
a.
Produce goods and services
b.
Economists
c.
Cournot
d.
Consumers

Question 14
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In these markets, households provide firms the inputs that the firms use to _______ and
_______.

Select one:
a.
Cournot
b.
Produce goods and services
c.
Economists
d.
Consumers

Question 15
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_______ is a market system in which goods or services are traded directly for other goods or
services.

Select one:
a.
Barter system
b.
Monetary economy
c.
Comparative advantage
d.
Entrepreneurial ability

Question 16
Correct
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 Flag question

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

Select one:
a.
Circular-flow diagram
b.
Production possibilities frontier
c.
Households
d.
Firms

Question 17
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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.

Select one:
a.
Law of demand
b.
Economics
c.
Coase
d.
Opportunity cost
Question 18
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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.
Circular-flow diagram
b.
Production possibilities frontier
c.
Firms
d.
Households

Question 19
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_______ and _______ argued that similar benefits accrue from international specialization and
trade.

Select one:
a.
Economic good
b.
Adam Smith and David Ricardo
c.
Absolute advantage.
d.
Jevons

Question 20
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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.

Select one:
a.
International markets
b.
Capital/ resources
c.
Land
d.
Economics Resources

Question 21
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These are taken into account that includes the demand for a product both domestic and
foreign demand.

Select one:
a.
Complementary goods
 b.
Relative price
c.
Scarcity
d.
International markets

Question 22
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_______ 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.
Jevons
b.
Economic good
c.
Adam Smith and David Ricardo
d.
Absolute advantage.

Question 23
Correct
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Households and firms interact in two types of markets. In the markets for goods and
services, _______ are buyers and _______ are sellers.

Select one:
 a.
Outcome
b.
Households, firms
c.
Plato
d.
Firms

Question 24
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_______ 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.
Francis Ysidro Edgeworth
c.
Egoistic Hedonism
d.
Pareto

Question 25
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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.
International markets
c.
Relative price
d.
Scarcity

Question 26
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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.
Law of demand
b.
Coase
c.
Economics
d.
Opportunity cost

Question 27
Correct
Mark 1.00 out of 1.00
 Flag question

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

Select one:
a.
Jeremy Bentham
b.
Adam Smith
c.
Utilitarian
d.
Chrematistiks

Question 28
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Relative price
b.
Complementary goods
c.
International markets
d.
Scarcity
Question 29
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Marginal cost
b.
Rational self-interest
c.
Scarcity
d.
Relative price

Question 30
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Complementary goods
b.
Relative price
c.
International markets
 d.
Scarcity

Question 1
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Productiveness of capital
b.
Stock of capital
c.
Saving
d.
Investment

Question 2
Correct
Mark 1.00 out of 1.00

Flag question

Question text
_______ 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.
Vienna Colloquium
b.
Amartya Sen
 c.
Evolutionary-type reasoning
d.
Rational-choice game

Question 3
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Rational-choice game
b.
Vienna Colloquium
c.
Amartya Sen
d.
Evolutionary-type reasoning

Question 4
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Separation of ownership and control
b.
Henry G. Manne
c.
Decision management
d.
Mechanisms

Question 5
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
Mechanisms
b.
Decision management
c.
Separation of ownership and control
d.
Henry G. Manne

Question 6
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Stock of wealth
b.
Adam and Eve
c.
Blast furnaces
d.
Cost of capital

Question 7
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Productiveness of capital
b.
Saving
c.
Investment
d.
Stock of capital

Question 8
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
The _______ determine supply price consist of wages and profits.

Select one:
a.
Costs of production
b.
Capitalist
c.
Interest
d.
Profit

Question 9
Correct
Mark 1.00 out of 1.00

Flag question

Question text
_______ 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.
Pareto
b.
Godel's proof
c.
General equilibrium
d.
Walras and Pareto
Question 10
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
Capital
b.
Neo-classical
c.
Physical stock
d.
Equilibrium

Question 11
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Bentham
b.
Kenneth Arrow
c.
Utilitarian welfare economics
d.
Keynes

Question 12
Correct
Mark 1.00 out of 1.00

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Question text
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.
Economic theory
b.
General equilibrium theory
c.
Bergson/Samuelson
d.
New welfare economics

Question 13
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
Neo-classical
c.
Equilibrium
d.
Capital

Question 14
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
Capitalist
b.
Costs of production
c.
Profit
d.
Interest

Question 15
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
 a.
Cost of capital
b.
Blast furnaces
c.
Adam and Eve
d.
Stock of wealth

Question 16
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Agency costs
b.
China
c.
External control mechanisms
d.
Michael Useem

Question 17
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Zhu Yikun
b.
U.S. Federal Securities Act
c.
City of London Regulations
d.
Partnerships

Question 18
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Zhu Yikun
b.
U.S. Federal Securities Act
c.
City of London Regulations
d.
Partnerships

Question 19
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
_______ 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.
City of London Regulations
b.
Zhu Yikun
c.
U.S. Federal Securities Act
d.
Partnerships

Question 20
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Prosperous capitalist
b.
Yang Xiaowei
c.
Residual rights of control
d.
China

Question 21
Correct
Mark 1.00 out of 1.00

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Question text
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.
China
b.
Agency costs
c.
Michael Useem
d.
External control mechanisms

Question 22
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Mechanisms
b.
Henry G. Manne
 c.
Decision management
d.
Separation of ownership and control

Question 23
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Capital
b.
Neo-classical
c.
Physical stock
d.
Equilibrium

Question 24
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Agency costs
 b.
External control mechanisms
c.
China
d.
Michael Useem

Question 25
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Walras and Pareto
b.
Pareto
c.
General equilibrium
d.
Godel's proof

Question 26
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Amartya Sen
b.
Vienna Colloquium
c.
Evolutionary-type reasoning
d.
Rational-choice game

Question 27
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Economic theory
b.
General equilibrium theory
c.
Bergson/Samuelson
d.
New welfare economics

Question 28
Correct
Mark 1.00 out of 1.00

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Question text
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.
General equilibrium
b.
Godel's proof
c.
Walras and Pareto
d.
Pareto

Question 29
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Rational-choice game
c.
Evolutionary-type reasoning
d.
Vienna Colloquium

Question 30
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
_______ 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

Question 31
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
Zhu Yikun
c.
City of London Regulations
d.
U.S. Federal Securities Act
Question 32
Correct
Mark 2.00 out of 2.00

Flag question

Question text
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.
Economic theory
b.
New welfare economics
c.
General equilibrium theory
d.
Bergson/Samuelson

Question 33
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Stock of capital
b.
Productiveness of capital
c.
Saving
d.
Investment

Question 34
Correct
Mark 1.00 out of 1.00

Flag question

Question text
_______ 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.
Saving
b.
Stock of capital
c.
Investment
d.
Productiveness of capital

Question 35
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Prosperous capitalist
b.
Residual rights of control
c.
China
d.
Yang Xiaowei

Question 36
Correct
Mark 1.00 out of 1.00

Flag question

Question text
_______ 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 equilibrium
b.
Pareto
c.
Walras and Pareto
d.
Godel's proof

Question 37
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Bentham
b.
Kenneth Arrow
c.
Keynes
d.
Utilitarian welfare economics

Question 38
Correct
Mark 1.00 out of 1.00

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Question text
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.
Decision management
d.
Henry G. Manne

Question 39
Correct
Mark 1.00 out of 1.00

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Question text
_______ 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.
Profit
b.
Interest
c.
Capitalist
d.
Costs of production

Question 40
Correct
Mark 2.00 out of 2.00

Flag question

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

Select one:
a.
Capitalist
b.
Costs of production
c.
Profit
d.
Interest

Question 41
Correct
Mark 1.00 out of 1.00
 Flag question

Question text
_______ 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.
Bentham
b.
Utilitarian welfare economics
c.
Keynes
d.
Kenneth Arrow

Question 42
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Residual rights of control
b.
Yang Xiaowei
c.
Prosperous capitalist
d.
China
Question 43
Correct
Mark 1.00 out of 1.00

Flag question

Question text
_______ 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.
Keynes
d.
Bentham

Question 44
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Bergson/Samuelson
b.
General equilibrium theory
c.
Economic theory
d.
New welfare economics

Question 45
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Blast furnaces
b.
Adam and Eve
c.
Cost of capital
d.
Stock of wealth

Question 46
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
China
b.
Michael Useem
c.
External control mechanisms
d.
Agency costs

Question 47
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.
Stock of wealth
b.
Adam and Eve
c.
Cost of capital
d.
Blast furnaces

Question 48
Correct
Mark 1.00 out of 1.00

Flag question

Question text
_______ 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.
Prosperous capitalist
c.
China
d.
Residual rights of control

Question 1
Correct
Mark 1.00 out of 1.00

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Question text
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.

Select one:
True 
False

Question 2
Correct
Mark 1.00 out of 1.00

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Question text
Swedish right-wing politician and think-tank activist Ron Vane exposes clearly his
arguments in his pamphlet Svaghetens moral.

Select one:
True
False 
Question 3
Correct
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Question text
Absolute advantage is the production of a ________ if the individual can produce more than
the other individuals.

Select one:
a.
Barter system
b.
Good
c.
Production
d.
Social security

Question 4
Correct
Mark 1.00 out of 1.00

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

Select one:
True
False 

Question 5
Correct
Mark 1.00 out of 1.00
 Flag question

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

Select one:
a.
Henry G. Manne
b.
Evolutionary game
c.
External control mechanisms
d.
Traditional welfare economics

Question 6
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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.

Select one:
True
False 

Question 7
Correct
Mark 1.00 out of 1.00
 Flag question

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

Select one:
True 
False

Question 8
Correct
Mark 1.00 out of 1.00

Flag question

Question text
________ 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.
Samuelson Rule
b.
Consumer choice
c.
Enrico Barone
d.
Circular-flow diagram

Question 9
Correct
Mark 1.00 out of 1.00
 Flag question

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

Select one:
a.
Law of demand
b.
Mercantilism
c.
Economic theory
d.
Microeconomics

Question 10
Correct
Mark 1.00 out of 1.00

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Question text
Partial equilibrium was first introduced by ________ (1844), in which he studied the value of a
large project.

Select one:
a.
Attributes
b.
Social capital
c.
Utilitarian
d.
Dupuit
Question 11
Correct
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Question text
There is information that no one in Sweden complain that those who have pension
insurance in a private company become dependent upon that company nor do that such
insurance create disincentives to work.

Select one:
True 
False

Question 12
Correct
Mark 1.00 out of 1.00

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Question text
Partnershipsare 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

Question 13
Correct
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Question text
Social ability refers to the ability to organize production and bear risks.

Select one:
True
False 

Question 14
Correct
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Question text
The law of supply is the inverse relationship exists between the price of a good and the
quantity demanded in a given time period.

Select one:
True
False 

Question 15
Correct
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Question text
Economics is the study of how individuals and societies use limited ________ to satisfy
unlimited wants.

Select one:
a.
Resources
b.
Next-best
c.
Additional cost
d.
Private truth

Question 16
Correct
Mark 1.00 out of 1.00

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

Select one:
a.
Mercantilism
b.
Economic theory
c.
Microeconomics
d.
Law of demand

Question 17
Correct
Mark 1.00 out of 1.00

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Question text
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

Question 18
Correct
Mark 1.00 out of 1.00
 Flag question

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

Select one:
True 
False

Question 19
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
True
False 

Question 20
Correct
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Question text
People consume less than they desire because their spending is constrained or limited by
their ________.

Select one:
 a.
Formal organizations
b.
Scarce resources
c.
Income
d.
Economy

Question 21
Correct
Mark 1.00 out of 1.00

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Question text
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.

Select one:
True 
False

Question 22
Correct
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Question text
________ 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.
External control mechanisms
 c.
Henry G. Manne
d.
Michael Jensen

Question 23
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Samuelson Rule
b.
Consumer choice
c.
Enrico Barone
d.
Circular-flow diagram

Question 24
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Michael Jensen
b.
External control mechanisms
c.
Berle and Means
d.
Henry G. Manne

Question 25
Correct
Mark 1.00 out of 1.00

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

Select one:
True
False 

Question 26
Correct
Mark 1.00 out of 1.00

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

Select one:
True 
False

Question 27
Correct
Mark 1.00 out of 1.00
 Flag question

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

Select one:
True
False 

Question 28
Correct
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Flag question

Question text
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
False 

Question 29
Correct
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Question text
Andrew Strowsky is an Austrian who developed the concept of marginal utility concurrently
and independent of Jevons.

Select one:
 True
False 

Question 30
Correct
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Question text
Age is the only consistently significant socio-economic influence; older people tend to have
less ________ security.

Select one:
a.
Household
b.
Income
c.
Communist Party
d.
Resources

Question 31
Correct
Mark 1.00 out of 1.00

Flag question

Question text
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".

Select one:
True 
False
Question 32
Correct
Mark 1.00 out of 1.00

Flag question

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

Select one:
a.
Mercantilism
b.
Economic theory
c.
Law of demand
d.
Microeconomics

Question 33
Correct
Mark 1.00 out of 1.00

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Question text
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.

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True 
False

Question 34
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 Flag question

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

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True
False 

Question 35
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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.

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True
False 

Question 36
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Informal social networks are face-to-face relationships between a limited number of ________
who know each other and are bound together by kinship, friendship or propinquity.

Select one:
 a.
Inputs
b.
Services
c.
Homogeneity
d.
Individuals

Question 37
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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.

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True
False 

Question 38
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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.
Private truth
 c.
Next-best
d.
Resources

Question 39
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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.

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True
False 

Question 40
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The ________ survey found that in Russia, four-fifths to nine-tenths do not belong to any
voluntary association.

Select one:
a.
Social exclusion
b.
Money
c.
OECD
 d.
Social Capital

Question 41
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Familial economics is the study of decisions, relationships and behavioral patterns of
individuals, families, organizations, industries and markets.

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True
False 

Question 42
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The comparative advantage production of a good is if the individual can produce more than
the other individuals.

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True
False 

Question 43
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 Question text
Firms produce goods and services using inputs, such as labor, land, and capital (buildings
and machines).

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True 
False

Question 44
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Monetary 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.
OECD
c.
Social Capital
d.
Money

Question 45
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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.
Select one:
a.
OECD
b.
Money
c.
Social exclusion
d.
Social Capital

Question 46
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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.

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True 
False

Question 47
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Regional cost defined as the additional cost associated with a one-unit increase in the level
of the activity.

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True
False 
Question 48
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_______ define residual rights of control as enterprise ownership.

Select one:
a.
Neo-classical economist
b.
Grossmann and Hart
c.
Clarke-Groves mechanism
d.
Interest

Question 49
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Chrematistiks was an analysis of how decisions were made regarding the management of
resources.

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True
False 

Question 50
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Question text
Households and firms interact in two types of markets wherein in the markets for goods and
services, firms are buyers and households are sellers.

Select one:
True
False