Austrian School Of Economics Quiz-advanced Level

10 Questions

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Austrian School Of Economics Quiz-advanced Level

Unofficial liberland quiz


Questions and Answers
  • 1. 
    Choose the correct chronological order of Austrian economist 
    • A. 

      Von mises, Bohm Bawerk, Menger, Hayek, Rothbard

    • B. 

      Menger, Von Mises, Hayek, Keynes, Rothbard

    • C. 

      Menger, Bohm Baverk, von Mises, von Hayek, Rothbard,

    • D. 

      Hayek, Von mises, Rothabrd, Higgs, Hoppe

  • 2. 
    Original definition of inflation is:
    • A. 

      The rise of prices in goods and services

    • B. 

      The inflation of money supply in economy

  • 3. 
    Higgs-Hoppe cycle describes:
    • A. 

      The cycle of how the state grows through domestic reforms and imperialistic foreign policy then breaks down

    • B. 

      The cycle of how economy is inflated by money supply, till an economic bubble bursts

  • 4. 
    The value of economic goods is determined by?
    • A. 

      Intrinsic Value of goods

    • B. 

      Subjective value of market agents (i.e people who buy and sell goods)

    • C. 

      Value is determined by labour

  • 5. 
    In Austrian business cycle Malinvestment occurs due to:
    • A. 

      Lack of Purchasing power of workers that cause a tendency of supply to be larger than demand

    • B. 

      Low interest rates that stimulate credit boom

    • C. 

      Fluctuations in aggregate demand

  • 6. 
    First one to develop Capital and interest theory:
    • A. 

      Von Mises

    • B. 

      Menger

    • C. 

      Bohm-Bawerk

    • D. 

      Hayek

  • 7. 
    According to Mises's typology of money objects in his treatise on money (Theory of money and credit-Theorie des Geldes und der Umlaufsmittel), which of the following is considered money in narrow sense:
    • A. 

      Credit money

    • B. 

      Uncovered bank deposits and notes

    • C. 

      Fully covered token money

    • D. 

      Fully covered bank deposits and notes

  • 8. 
    Are money prices measurement of value?
    • A. 

      Yes

    • B. 

      No

  • 9. 
    In Mises's critique of socialism, the case when members of a socialist society have an incentive for bad decision making due to socializing the costs of individual action is called:
  • 10. 
    In the mengerian analysis of marginal theory, he differed from co-founders of the marginal theory Gossen, Jevons and Walras in methodology by which of the following approaches:
    • A. 

      Through realizing that the importance of marginal units of certain good for an individual are relative to the importance of other marginal units of different goods in the market.

    • B. 

      Through realizing that the price of a good results from the interplay of sellers and buyers whose feelings or well-being are differently affected by control of the good.