final Q1

Question 1

Alfred MArshalls’s concept of value was based from?

Answer 1

John Stuart Mill and William Jevons

Question 2

Karl Marx called ________ the dictatorship of the bourgeoisie

Answer 2

Capitalism

Question 3

He proposed the concept of marginal utility derived from demand curved, leading to a downward sloping curve

Answer 3

Jules Dupuit

Question 4

________ Holds that there is a utility that is being conferred by the resources to the final products

Answer 4

Value theory

Question 5

Two inputs in the production cost

Answer 5

Labor and Capital

Question 6

_______ claims that it is only meaning ful to ask which option is better than the other but is meaningless to ask hom much better it is or how good it is

Answer 6

Ordinal Utility

Question 7

__________ wrote goods are valuable because they serve various uses whose importance differs

Answer 7

Carl Menger

Question 8

it measures the magnitude of change in the quantity supplied and demand for commodities when there are changes in price, income, and price of relatred goods

Answer 8

Elasticity

Question 9

If monopolies arise then the individual entrepreneur will be able to increase his own utility at the expense of social utility.

Answer 9

Antimony of Value

Question 10

In the 1870s he wrote a small number of tracts on international trade and the problems of protectionism

Answer 10

Alfred Marshall

Question 11

______________, is an economic system where the means of production, such as money and other forms of capital, are owned to some degree by the public through the state.

Answer 11

Socialism

Question 12

Neo-classical economics is a school of economic thought that emerged in the late 19th and early 20th centuries as a respose to the ________ and _______ economic theories

Answer 12

Classical and Marxian

Question 13

HE campaigned for socialism and became a significant figure in the International Workingmen’s Association

Answer 13

Karl Marx

Question 14

__________implies that if positive excess demand exists in one market, negative excess demand must exist in some other market

Answer 14

General Equilibrium

Question 15

__________

Question 16

He writes abt the types of cost in production, explaining the short run and intermediate time period of production.

Answer 16

Alfred Marshall

Question 17

under a socialist system, the decides how wealth is distributed among public institutions.

Answer 17

Government

Question 18

He was self-taught economist during the Neo-classical economics era

Answer 18

Jules Dupuit

Question 19

The use of
imposes the assumption that levels of absolute satisfaction exist so that the magnitudes of increments to satisfaction can be compared across different
situations.

Answer 19

Cardinal Utility

Question 20

A market economic system operates on the premise that what is good for all is good for one
and vise versa

Answer 20

False

Question 21

Leon Walras was the first to develop the standard supply and demand graph demonstrating
a number of fundamentals regarding supply and demand, like the market equilibrium.

Answer 21

False

Question 22

Coumot competition is an economic model describing an industry structure in which rival
companies offering an identical product compete on the amount of output they produce,
independently and at different time.

Answer 22

False

Question 23

Jules Dupuit, provided the initial ideas of consumer surplus

Answer 23

True

Question 24

Most countries have a blended economic system including elements of both capitalism and
socialism.

Answer 24

True

Question 25

Böhm-Bawerk argued that capitalists do exploit their workers.

Answer 25

False

Question 26

Leon Walras suggests that equlilibrium will be achieved through a process of trial and error.

Answer 26

True

Question 27

Marx was explaining that the workers were given their proper wages when they created value to the products they were producing, thus labor was a mere commodity that could gain only
subsistence wages.

Answer 27

False

Question 28

Bourgeois means town dweller.

Answer 28

True

Question 29

According to Karl Marx, it was not the pressure of labor pools that drove wagesto the subsistence level but rather the existence of a large army of unemployed, which he blamed on capitalists

Answer 29

True

Question 30

he is known as one of the founders of neoclassical economics

Answer 30

Alfred Marshall