Economics: Beyond Supply and Demand
Economics studies how people, firms and governments make choices under scarcity.
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Pamangkot 1
A Giffen good is one whose quantity demanded does what as its price rises?
- Increases
- Falls sharply
- Stays exactly the same
- Becomes perfectly elastic
Pamangkot 2
Which theory states that rational consumers spend based on expected lifetime income rather than current income?
- Keynesian consumption function
- Permanent income hypothesis
- Ricardian equivalence
- Say's law
Pamangkot 3
The 'impossible trinity' says a country cannot simultaneously have a fixed exchange rate, free capital movement and what?
- A balanced budget
- Low inflation
- An independent monetary policy
- Full employment
Pamangkot 4
What does the Phillips curve originally describe?
- Tax rates versus tax revenue
- Income versus environmental damage
- Interest rates versus investment
- Unemployment versus wage inflation
Pamangkot 5
In game theory, a Nash equilibrium is reached when:
- No player can gain by changing strategy alone
- All players maximise joint payoff
- One player dominates all others
- Every outcome is Pareto efficient
Pamangkot 6
A Gini coefficient of 0 indicates:
- Perfect inequality
- No economic growth
- Perfect equality of income
- Zero inflation
Pamangkot 7
Which economist coined the term 'creative destruction'?
- John Maynard Keynes
- Joseph Schumpeter
- Friedrich Hayek
- Alfred Marshall
Pamangkot 8
A liquidity trap occurs when monetary policy fails because:
- Inflation is too high
- Banks hold too little reserve
- Exchange rates are fixed
- Interest rates are near zero and people hoard cash
