ESOK QUIZ

Which economist is most closely associated with the concept of the "invisible hand" in free markets?

• John Maynard Keynes

• Adam Smith

• David Ricardo

• Thomas Malthus

When was demonetization announced in India

• 2014

• 2016

• 2018

• 2008

Which of the following is an example of a public good?

• A private car

• National defense

• A concert ticket

• A burger at a restaurant

If a price ceiling is set below the equilibrium price, what is most likely to occur?

• Shortage

• Surplus

• Market Efficiency

• None of the above

Which of the following is most likely to shift the demand curve for a good to the right?

• A decrease in consumer income

• An increase in the price of a substitute good

• A decrease in consumer preferences for the good

• An increase in the cost of production

What is the most common metric used to measure economic growth?

• GDP

• Happiness Levels

• Head count ratio

• Inflation

Which of the following best describes a monopoly?

• A market where many firms sell identical products

• A market where a single firm controls the entire supply of a product or service

• A market with two firms competing for the same customers

• A market where the government sets prices for all goods

What is the main goal of "sustainable development"?

• To encourage economic growth at the expense of the environment

• To eliminate poverty through international trade

• To develop without compromising the ability of future generations to meet their needs

• To increase corporate profits for long-term economic stability

Who is the most recent Nobel Laureate(s) in Economics?

• Daron Acemoglu, Simon Johnson and James Robinson

• Claudia Goldin

• Abhijit Banerjee, Esther Duflo, and Michael Kremer

• Joan Robinson

What is the fundamental problem of Economics?

• Scarcity

• Choice

• Opportunity Cost

• The government