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Welfare economics: Quiz


Question 1: With these assumptions, it is possible to construct a ________ simply by summing all the individual utility functions.
Welfare economicsSocial choice theorySocial welfare functionSocial Choice and Individual Values

Question 2: Welfare economics typically takes individual preferences as given and stipulates a welfare improvement in ________ terms from social state A to social state B if at least one person prefers B and no one else opposes it.
Pareto efficiencyGame theoryCollusionArrow's impossibility theorem

Question 3: Many economists use ________ as their efficiency goal.
Game theoryPareto efficiencyCollusionArrow's impossibility theorem

Question 4: A crude social welfare function can be constructed by measuring the subjective dollar value of goods and services distributed to participants in the economy (see also ________).
Supply and demandEconomic surplusMicroeconomicsEconomics

Question 5: Imperfect market structures, such as a monopoly, monopsony, oligopoly, oligopsony, and ________.
EconomicsJEL classification codesPerfect competitionMonopolistic competition

Question 6: ________ also looks into the issue of social welfare (political science), but in a less quantitative manner.
Political philosophyPolitical scienceSocial sciencesPhilosophy

Question 7: Market failures and ________; there is also social cost.
Environmental economicsPublic goodEconomicsExternality

Question 8: Some, such as economists in the tradition of the ________, doubt whether a cardinal utility function, or cardinal social welfare function, is of any value.
Ludwig von MisesFriedrich von HayekLew RockwellAustrian School

Question 9: Welfare economics is a branch of ________ that uses microeconomic techniques to simultaneously determine allocative efficiency within an economy and the income distribution associated with it.
Heterodox economicsKeynesian economicsEconomicsMoney

Question 10: The Economics of Inequality, ________, London.
United KingdomAuthorized King James VersionJohn Fell (clergyman)Oxford University Press


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