{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "What does UK GDP per capita measure?\n\nA. the total output of London\u2019s economy\nB. the average disposable income of a UK resident\nC. the total output of the UK citizens, divided by the number of the citizens\nD. the total output of the UK\u2019s economy, divided by the country\u2019s population", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Currently you work for 40 hours per week at the wage rate of $20 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours \u00d7 7 days \u221240 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, then:\n\nA. Your total number of working hours per week will fall by 25%.\nB. Your total number of working hours per week will be 30 hours.\nC. Your total number of free hours per week will increase by 25%.\nD. Your total number of free hours per week will increase by 6.25%.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Four farmers are deciding whether to contribute to the maintenance of an irrigation project. For each farmer, the cost of contributing to the project is $10. But when any one farmer contributes, all four of them will benefit from an increase in their crop yields, in par- ticular each gains additional $8. Which of the following statements is correct?\n\nA. If all the farmers are selfish, none of them will contribute.\nB. There are multiple Nash equilibria in this game.\nC. If Kim is altruistic and contributes $10, the others might contribute too, even if they are selfish.\nD. If the farmers have to reconsider this decision every year and consider infinite horizon of planning, they will never choose to contribute to the project if they are selfish.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements about the outcome of an economic interaction is cor- rect?\n\nA. If the allocation is Pareto efficient, then you cannot make anyone better off without making someone else worse off. 1 International Economics Olympiad 2018 Economics\nB. All participants are happy with what they get if the allocation is Pareto efficient.\nC. There cannot be more than one Pareto-efficient outcome.\nD. Pareto-efficient outcome is always fair.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Maria earns $12 per hour in her current job and works 35 hours a week. Her disutility of effort is equivalent to a cost of $2 per hour of work. If she loses her job, she will receive unemployment benefit equivalent to $6 per hour. Additionally, being unemployed has psy- chological and social costs equivalent to $1 per hour. Then:\n\nA. The employment rent per hour is $3.\nB. Maria\u2019s reservation wage is $6 per hour.\nC. If she is offered a job with the wage $11 and disutility of $0,5, she will refuse.\nD. If she is offered a job with the wage $14 and disutility of $3, she will take it.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The table represents market demand Q for a good at different prices P. Q 100 200 300 400 500 600 700 800 900 1,000 P $270 $240 $210 $180 $150 $120 $90 $60 $30 $0 The firm\u2019s unit cost of production is $60. Based on this information, which of the following is correct?\n\nA. At \ud835\udc44= 100, the firm\u2019s profit is $20,000.\nB. The profit-maximizing output is \ud835\udc44= 400.\nC. The maximum profit that can be attained is $50,000.\nD. The firm will make a loss at all outputs of 800 and above.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. A fall in the mortgage interest rate would shift down the demand curve for new houses.\nB. The launch of a new Samsung smartphone would shift up the demand curve for existing iPhones.\nC. A fall in the oil price would shift up the demand curve for oil.\nD. A fall in the oil price would shift down the supply curve for plastics.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of these measures will by itself decrease the Gini coefficient of income distribution?\n\nA. Flat rate income tax\nB. Regressive income tax\nC. Progressive income tax\nD. Income tax at the rate of 80% for the richer half of the population and income tax at the rate of 20% for the poorer half.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. The fundamental value of the shares in a firm is determined by expected future profits and systematic risk.\nB. If there is no new information regarding the future profitability or systematic risk of a firm, but its share price keeps rising, the fundamental value must be increasing. Moscow 2 2018 International Economics Olympiad 2018 Economics\nC. Buying a share at a price above its fundamental value in the hope that someone else would buy it from you at an even higher price is guaranteed to lose money.\nD. All investors always agree on the fundamental value of the shares in a firm.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider the situation where the noise of a factory\u2019s production affects nurses in the dormitory next door. If there are no transaction costs to impede bargaining, which of the following statements is correct?\n\nA. Whether the final output level will be Pareto efficient depends on who has the initial prop- erty rights.\nB. The nurses would be better off in the bargained allocation if they initially had a right to undisturbed sleep than they would if the factory has the right to make noise.\nC. If the factory has the right to make noise, it will prefer not to bargain with the nurses.\nD. If the nurses have the initial rights, they will obtain all of the net social gain from factory production.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. GDP can be measured either as the total spending on domestically produced goods and services, or the total value added in domestic production, or the sum of all incomes received from domestic production.\nB. Both exports and imports are included in the measurement of GDP.\nC. Government production is not included in the GDP.\nD. Domestically consumed goods are included in GDP with more weight than exports.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. Maintaining fiscal balance in a recession helps to stabilize the economy.\nB. Automatic stabilizers refer to the fact that economic shocks are partly offset by households smoothing their consumption in the face of variable income.\nC. The multiplier on a fiscal stimulus is higher when the economy is functioning at full ca- pacity.\nD. A fiscal stimulus can be implemented by raising spending to directly increase demand, or by cutting taxes to increase private sector demand.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. When interest rates go down, asset prices go up.\nB. The zero lower bound refers to the central bank\u2019s inability to set the real interest rate to below zero.\nC. Quantitative easing involves the central bank lowering its official interest rate.\nD. Interest rates cannot be set in a currency union.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. In the short-run model the amount of some factor is fixed, while in the long-run model the amount of this factor can vary.\nB. Labour-saving technological progress raises unemployment in both the short and long run.\nC. Firms are more likely to enter the market when the markup is low. Moscow 3 2018 International Economics Olympiad 2018 Economics\nD. The markup is independent of the number of firms.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct, ceteris paribus?\n\nA. An increase in the trade surplus would lead to a decrease in a country\u2019s current account.\nB. A country with zero trade balance but historically high foreign direct investment would always have a current account deficit.\nC. An increase in remittances by a country\u2019s nationals abroad would lead to a lower current account.\nD. An increase in the official aid payment sent to other countries means a lower current account.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. Lump-sum taxes equal for all citizens decrease inequality.\nB. Providing high-quality education to citizens is a way of raising the endowments of less well off people.\nC. An increase in the minimum wage increases unemployment, leading to higher inequality unambiguously. Moscow 4 2018 International Economics Olympiad 2018 Economics\nD. Non-complete contracts mean that workers can demand higher wages, leading to reduced inequality.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. Bargaining between affected parties is always effective in reducing the inefficiencies caused by externalities, even in the presence of transaction costs.\nB. The market price of pesticides is unlikely to reflect the full social cost of their use.\nC. All externalities result in the good producing the external effect being overused.\nD. Reducing air travel is an unfortunate and inefficient by-product of taxing flights.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. There is no innovation in the absence of patents.\nB. Longer patent duration will always lead to an increase in the probability of innovation.\nC. There is trade-off between greater incentive to innovate from higher innovation rent in- come and the disincentive for potential innovators from using patented knowledge.\nD. The optimal duration of patents is where the probability of innovation is maximized.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following cases represents the concept of a natural experiment?\n\nA. People play Ultimatum game differently in different experimental setups\nB. The placebo effect of a drug was confirmed in the laboratory\nC. The difference between the economies of South and North Korea\nD. People sometimes cooperate in the Prisoner\u2019s dilemma game conducted for writing papers in experimental economics Moscow 5 2018", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The local grocery store offers a discount of 20% if a customer pays the 10 USD monthly fee. How much should a customer\u2019s monthly spending in this store be so that paying this fee makes sense for her?\n\nA. At least 10 USD\nB. At least 30 USD\nC. At least 50 USD\nD. At least 60 USD", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Countries A, B, and C produce only watermelons (X) and grapefruits (Y). The production possibility frontiers are given by: XA + YA = 100, 2XB + 3YB = 300, XC + 2YC = 600. What is the maximum amount of watermelons they can produce together if they want to produce at least 200 grapefruits?\n\nA. 200\nB. 500\nC. 600\nD. None of the above", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "GDP of the country X grows by 1% per year every year. GDP of the country Y grows by 2% per year every year. If in the year 2019 countries have equal GDP, by what year will their GDP differ by two times? (Choose the nearest estimate).\n\nA. 2050\nB. 2090\nC. 2150\nD. 2180", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Jane spends all her money on the ingredients of her favorite cocktail. To make a portion of the cocktail, she has to mix 200 ml of orange juice with 100 ml of apple juice and with 200 ml of water. Any juice costs 3 USD per liter, water costs 0.5 USD per liter. If she has 20 USD, how many portions of the cocktail can she make?\n\nA. 10\nB. 12\nC. 20\nD. None of the above", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements best describes the concept of a commitment device?\n\nA. A student announces through social media that he will contribute to charity every time he gets a grade lower than B\u2212 and publish the receipts online.\nB. A country leader announces the new policy of fighting corruption through increased fines for corrupt officials.\nC. An investor buys treasury bonds.\nD. The price of ice creams increases after a surge in demand.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following scholars represents the modern institutional theory of economic growth?\n\nA. Daron Acemoglu\nB. Jared Diamond\nC. Thomas Malthus\nD. Adam Smith", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The demand for widgets is given by Q = 100 \u2013 2P, the supply is given by Q = \u201320 + P. The government sets the price ceiling at P\u0304 which results in the deficit 30. Find P\u0304.\n\nA. P\u0304 = 10\nB. P\u0304 = 20\nC. P\u0304 = 30\nD. P\u0304 = 40", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following best describes a natural monopoly?\n\nA. An eco-friendly monopoly.\nB. A firm that can produce at lower average costs than two or more firms.\nC. A monopoly on the agricultural market.\nD. A monopoly that was created without government intervention.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider a perfectly competitive market where all firms have constant and equal average cost (a constant cost industry). How will an increase in demand affect the long-run equilibrium price in such a market?\n\nA. Price will increase\nB. The price will remain constant\nC. The price will decrease\nD. Unclear", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "You are going to buy a laptop for 1,000 USD. You can either withdraw this money from your bank account (it pays 10% interest yearly) or use one of the following credit schemes. Pick the scheme in which you will spend the most amount of money overall.\n\nA. Paying directly from your bank account.\nB. Credit at 0.1% compound interest per day, the only payment is at the end of the year.\nC. Credit at 12% interest rate per year, the only payment is at the end of the year.\nD. Credit at 0.5% compound interest per month, the only payment is at the end of the year.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "A perfectly competitive market has 100 firms, each of which has constant MC = 10. The demand function is given by Q = 100 \u2212 P. How much will the market price increase if all firms create a cartel and maximize joint profit?\n\nA. By 15\nB. By 35\nC. By 45\nD. By 50", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following happened at the beginning of the 21st century?\n\nA. The Great Depression\nB. The Great Recession\nC. The First Industrial Revolution\nD. Collapse of the gold standard", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Firm S is a monopolist in the market for space tourism. The demand for its service is discrete: consumers are eager to pay 12M USD for the first trip, 11M USD for the second trip, etc., up to 1M USD for the 12th trip. To organize a trip, the firm must spend 4M USD. What is the difference between the maximum profit that the firm S can obtain with perfect price discrimination compared to linear pricing?\n\nA. 10M\nB. 16M\nC. 20M\nD. None of the above", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "You can often hear the success stories of investors who earn a lot of money in the stock market. At the same time, the stories of many failures remain untold. This can create a wrong impression that investing in the stock market is always profitable. This logical fallacy is called...\n\nA. Survivorship bias\nB. Confirmation bias\nC. Self-fulfilling prophecy\nD. Endowment effect", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following best describes the concept of a liquidity trap?\n\nA. A person cannot withdraw money from his bank account because of the bank\u2019s bankruptcy.\nB. A firm wants to invest money earned but cannot find projects worth investing in.\nC. A government has so much debt that it has to default.\nD. The interest rate is so low that people prefer holding cash.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following best describes the concept of a negative trade balance?\n\nA. A country buys from abroad more than it sells abroad.\nB. A country buys from abroad less than it sells abroad.\nC. A country\u2019s GDP declines for more than three quarters.\nD. A country\u2019s FDI declines for more than three quarters.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following policies will most likely reduce the Gini coefficient?\n\nA. Progressive income tax.\nB. Regressive income tax.\nC. Fixed rate income tax.\nD. None of the above.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements best describes the concept of network externality?\n\nA. The service is provided online.\nB. Producer uses multilevel marketing to attract new customers.\nC. The individual utility of using a service increases with the total number of users.\nD. The marginal tax rate increases with an increase in income.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following instruments is typically the riskiest one?\n\nA. U.S. Treasury bills\nB. Common stocks of a company from S&P 500\nC. Deposit in a commercial bank\nD. Shares of a startup in Silicon Valley", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the government policy that will by itself reduce short-run GDP (use the AD-AS model).\n\nA. Increase in the sales tax rate\nB. Decrease in the income tax rate\nC. Quantitative easing\nD. Buying assets on the open market", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Investor J is convinced that there is a price bubble on the market and that it will burst in the future after the price rises a little more. If he acts in accordance with this belief, which of the following is true?\n\nA. J will buy this asset and wait until the price falls to sell it\nB. J will short sell this asset and wait until the price drops to buy it, gaining risk-free profit\nC. J will short sell this asset and wait until the price drops to buy it, taking into account the importance of timing\nD. J will remain inactive since bubbles are risky and could lead to significant losses, unlike other assets", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Think about the Lorenz curve constructed by lining up all the individuals in the world from lowest to highest income, irrespective of the country people live in. What is the closest estimate of the Gini coefficient of this curve?\n\nA. 0.1\nB. 0.2\nC. 0.3\nD. 0.7", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following scholars is most famous for using field experiments in their research?\n\nA. Eric Maskin\nB. Esther Duflo\nC. Eugene Fama\nD. Gregory Mankiw", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The market for widgets in country A is perfectly competitive; D = 100 \u2212 20P is the demand function, the supply function is given by S = 20P \u2212 20. The world price for widgets is 2. Choose the correct statement:\n\nA. The autarky price of widgets is 4\nB. Under free trade, country A is an exporter of widgets\nC. If the government introduces an import tariff t = 2, there is no trade\nD. If the government introduces an import tariff t = 2, domestic consumers are better off compared to free trade", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "When investors buy a share to cover their short positions, which results in a rapid increase in this share price, this is called\u2026\n\nA. Short squeeze\nB. Game stop\nC. Long squeeze\nD. Fundamental shock", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Economist N calculates income inequality based on the Gini coefficient and the incomes of all individuals in the society. Economist M calculates income inequality based on the Gini coefficient and the incomes of all families in the society (simply adds up all family members\u2019 incomes before constructing the Lorenz curve). Which of the following is true?\n\nA. N\u2019s Gini coefficient is likely to be smaller than M\u2019s\nB. M\u2019s Gini coefficient is likely to be smaller than N\u2019s\nC. The two Gini coefficients will be the same\nD. None of the other statements is true", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements best describes the Efficient Market Hypothesis?\n\nA. Share prices on the market reflect all available information\nB. Stock markets produce no externalities\nC. Government interventions can make markets more efficient\nD. Natural monopolies should not be regulated", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following letters is not used to describe the type of recession (and recovery)?\n\nA. U\nB. V\nC. L\nD. T", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the correct statement for a perfectly competitive market with supply and demand curves looking as usual:\n\nA. If the government sets the price floor above the equilibrium price, consumers are better off\nB. If the government sets the price floor above the equilibrium price, producers (sellers) are better off\nC. If a government introduces a per-unit tax, the tax revenue is smaller than the combined loss of consumers and producers (sellers)\nD. If a government introduces a per-unit subsidy, the government expenditure is smaller than the combined gain of consumers and producers (sellers)", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "NiceCream, Inc. is a monopolist at the market of ice creams in town N. It enjoys the monopoly profit with the demand function given by D = 100 \u2212 P and constant marginal cost MC < 100. Another firm with the same technology is going to enter the market, in this case, the firms will compete by choosing their outputs simultaneously. Choose the correct statement:\n\nA. The sum of profits of the two firms will be greater than the NiceCream\u2019s profit before entry\nB. The sum of outputs of the two firms will be greater than the NiceCream\u2019s output before entry\nC. The ice cream price after entry will be higher than before entry\nD. None of the other statements is true", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Globalization during the late 19th century involved the exchange of agricultural and manufactured goods between land-abundant/labor-scarce countries and labor-abundant/land-scarce countries. Based on this information, which of the following statements is correct?\n\nA. As a result of specialization, France would export agricultural goods and import manufactured goods\nB. In Russia, the workers would be the winners while the land-owners would be the losers\nC. The U.S. would see the ratio of wages to land rents fall\nD. German workers would demand tariffs on agricultural imports", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the correct statement regarding economic growth:\n\nA. Economic growth in all countries of the world has had the same pace in all countries for the last few decades\nB. Compared to the pace of the 20th century, economic growth in the world was very slow before 1700\nC. Economic growth is defined as a long-lasting increase in the country\u2019s nominal GDP\nD. All the differences in the pace of economic growth between countries can be explained by their geographical location", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Rational Jo\u00e3o Pedro spends all his money on two goods, X and Y, and always knows for sure his optimal bundle. When the prices of both goods are 3, he chooses the bundle (4, 4). Choose the correct statement (other things being equal):\n\nA. If his income goes up, his consumption of X must increase\nB. If the new prices of goods (X, Y) become (1, 5), it is possible that the bundle (3, 5) becomes the optimal choice\nC. If the new prices of goods (X, Y) become (2, 4), it is possible that the bundle (6, 3) becomes the optimal choice\nD. If the new prices of goods (X, Y) become (2, 4), it is possible that the bundle (2, 5) becomes the optimal choice", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Two players are negotiating where to place some object on the Cartesian plane. They choose the coordinates (x, y) in the following way: Player A sets the coordinate on the X-axis, Player B sets the coordinate on the Y-axis. Player A wants the object to be as close as possible to the point (2, 4); Player B wants the object to be as close as possible to the point (3, 1). Find the Nash equilibrium location of the object.\n\nA. (2, 1)\nB. (2.5, 2.5)\nC. (3, 4)\nD. (0, 0)", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is true regarding involuntary unemployment?\n\nA. Involuntary unemployment is forbidden by law in most countries\nB. If a worker is fired against her will but finds a new job immediately, involuntary unemployment increases\nC. If wages are above the market-clearing (efficiency wages), there is no involuntary unemployment\nD. Setting a minimum wage above the market-clearing wage creates involuntary unemployment", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "If the Central Bank of country K is trying to speed up the recovery of the country\u2019s economy using monetary policy, which of the following is correct, other things equal?\n\nA. The currency of country K is likely to appreciate\nB. It is likely that country K\u2019s exports will become cheaper for foreigners\nC. Country K\u2019s bonds will go down in prices\nD. The money supply will shrink", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the correct statement about externalities:\n\nA. When a person is vaccinated against COVID-19, it creates a positive externality in the future\nB. If some action is associated with negative externality, it must be forbidden to achieve economic efficiency\nC. Positive externalities increase efficiency, so markets with them should not be subject to government intervention\nD. If externality appears in a monopolized market, the inefficiency is doubled and strict regulation is called for", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following best describes the Lucas Critique?\n\nA. The economy of the Galactic Empire in \u2018Star Wars\u2019 is very unrealistic\nB. Economists should not use too much math in their papers\nC. It is generally not a good idea to use relationships found in historical data for policy-making\nD. Consumers do not maximize utility in real life", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is typically not a role of a central bank?\n\nA. The executor of monetary policy\nB. Lender of last resort\nC. The sole issuer of legal tender\nD. All other options are typical CB\u2019s roles", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "An optimist is trying to get a job as a CEO. Her constant optimism is well-known to everyone: she always believes that the probability of a good outcome is higher than it actually is. Which of the following firms should hire her?\n\nA. An insurance firm operated in a competitive market, serving customers with an unknown probability of an accident\nB. A natural monopoly that faces uncertainty about future government regulation policies\nC. One of the few major car manufacturers in the oligopolistic market with an uncertain demand function\nD. No one because her irrationality will reduce the expected profit", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following can be observed in a perfectly competitive market?\n\nA. Huge advertising expenditures\nB. Substantial investment in R&D\nC. Significant economic rents in the long run\nD. All trades take place at the same price", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the correct statement about economic development.\n\nA. Share of labor devoted to agriculture generally declines as countries get richer\nB. With the Industrial Revolution, the dominating sector of most economies moved from agriculture to services\nC. Economic growth is always associated with the decrease in the annual hours worked by an average person\nD. Average GDP per capita in the World increased by more than 50 times during the second half of the 20th century", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which one of the following is an example of a natural experiment?\n\nA. To conduct clinical trials of a new medication, patients are randomly divided into two groups\nB. To see which textbooks are more efficient to study math, the government obliges half of the country\u2019s schools to use textbook A and the other half to use textbook B\nC. Different regions of a country may have different fines for speeding, so one can study how changes in fines affect drivers\u2019 behavior\nD. None of the other options is correct", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is the most practical and effective policy to deal with carbon emissions caused by driving a car?\n\nA. A quota on individuals to limit their driving\nB. A subsidy to car sharing operators\nC. A petrol tax\nD. Nationalization of all car producers", "assistant": "BC"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider a preferred share that entitles the shareholder to receive $600 on April 1 each year forever, however, the firm can postpone payments in some cases. On March 31, 2022, when the share price was $6600, the firm announced that it decided to postpone the payment for 1 year because of insufficient cash on hand. So, instead of the payment on April 1, 2022, the shareholders will receive a double payment on April 1, 2023. Find the approximate share price right after the announcement, other things being equal.\n\nA. 6600\nB. 6545\nC. 6000\nD. 5871", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Following the unexpected interest rate increase, the price of which of the following risk-free bonds will drop the most (in percentage to its pre-interest-rate-increase price)?\n\nA. Long-term zero-coupon bonds\nB. Long-term bonds with high fixed coupon rates \nC. Short-term zero-coupon bonds\nD. Short-term bonds with high fixed coupon rates", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "An unanticipated increase in domestic interest rate will, most likely, lead to\n\nA. Depreciation of domestic currency in the short run\nB. Appreciation of domestic currency in the short run\nC. Increase in domestic investment in the short run\nD. Increase in domestic taxes in the short run", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Economist G calculates income inequality in some real-world country based on the Gini coefficient and the pretax (gross) incomes of all households in the society. Economist D calculates income inequality in the same country based on the Gini coefficient and the disposable incomes of all households in the society. Which of the following is likely to be true?\n\nA. G\u2019s Gini coefficient is smaller than D\u2019s\nB. D\u2019s Gini coefficient is smaller than G\u2019s\nC. The two Gini coefficients are the same\nD. None of the other statements is true", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is the least likely to prevent the \u2018Law on One Price\u2019 from holding in international trade?\n\nA. One monopolist supplier on multiple markets & inability to resell the traded good\nB. Import tariffs\nC. Common land border between the exporting and the importing countries \nD. Transportation costs", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Under which circumstances may setting the minimum wage increase employment?\n\nA. Perfectly competitive labor market\nB. Employers have market power in wage setting\nC. Having heard about the minimum wage, new labor force immigrates (assume perfectly competitive labor market)\nD. None of the other answers is correct", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "What is the closest estimate of the whole World\u2019s GDP (in current USD)?\n\nA. 100 billion\nB. 1 trillion\nC. 100 trillion\nD. 1,000 trillion", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following pairs of indicators commonly have positive correlation?\n\nA. Bond prices and interest rates\nB. Inflation and unemployment\nC. GDP and unemployment\nD. GDP and job creation", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the correct statement.\n\nA. A reduction in tax rates is a monetary policy used to fight recession\nB. Stagflation is caused by a sharp decrease in Aggregate Demand\nC. A decrease in required reserves is one of the policies that can be used to fight inflation\nD. All other statements are false", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which one of the following is an example of market failure?\n\nA. Workers of a firm take less care of the office equipment because the employer will cover the repair costs\nB. Government provision of fire stations that is greater than the social optimum number\nC. Lower wages overseas create incentives for firms to hire foreign workers\nD.  Unintended consequences that follow the introduction of an indirect tax", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The monopoly works in a market with demand curve Q = 1190/P7, its total cost function is given by TC = 2Q. The government decides that the firm must split into two, and these two firms will compete by simultaneously choosing prices. Assuming one-shot interaction, what is the percentage change of their joint profit after splitting?\n\nA. \u221214%\nB.  \u2212100%\nC. 0\nD. +15%", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "A monopolist with the demand function Q = 100 \u2212 P and marginal cost MC = $20 faces the per-unit tax of t = $10. By how much will the price for consumers increase?\n\nA. 5\nB. 10\nC. 0.05\nD. 0.1", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Choose the correct statement regarding a duopolistic market.\n\nA. If firms compete by choosing quantities, each of them wants to be the second to make a choice\nB. If firms repeat their game three times (periods), a monopoly profit can be achieved in the first period\nC. If firms compete by choosing prices, each of them wants to be the first to make a choice\nD. If firms merge, their joint profit will increase compared to the one under duopoly", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is an example of a field experiment?\n\nA. To conduct clinical trials of a new medication, patients are randomly divided into two groups\nB. To see which textbooks are more efficient to study math, the government obliges half of the country\u2019s schools to use textbook A and the other half to use textbook B\nC. Different regions of a country may have different fines for speeding, so one can study how changes in fines affect drivers\u2019 behavior\nD. None of the other options is correct", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "To achieve the goal of carbon reduction, the government of a certain country has required two domestic companies, A and B, to reduce 100 units of carbon emissions in total, assigning each of them the reduction by 50 units. For A, the marginal cost of reducing emissions is 3qa dollars, while for B, it is 2qb dollars. The companies can trade their reduction amounts between each other at the competitive price. How much will one of the companies pay the other in equilibrium?\n\nA. 400\nB. 486\nC. 1200\nD. 1500", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Suppose the U.S. one-year interest rate is 3% per year, while a foreign country has a one-year interest rate of 7% per year. Ignoring risk and transaction costs, a U.S. investor should invest in foreign bonds if the expected yearly rate of depreciation of the foreign currency is...\n\nA. Less than 4%\nB. Less than 6%\nC. More than 4%\nD. Positive", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "During a financial crisis, what potential risks can arise in the banking system?\n\nA. Bank failures\nB. Liquidity shortages\nC. Deposit flights\nD. All other options are correct", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The data used to measure and make conclusions about economic inequality come from various sources. Mark the correct statement about these sources.\n\nA. Sociological surveys are good at providing data about the income of the richest quintile of the population\nB. The administrative data about taxes paid fail to accurately reflect the income of the poorest quintile of the population\nC. The data about having a refrigerator at home can provide a correct impression of economic inequality in developed countries\nD. The data on received social security benefits can be used as a good proxy for income in the whole distribution", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following effects would be the result of introducing a quota on an imported good below the market-clearing quantity? Consider all markets to be perfectly competitive.\n\nA. The domestic supply curve shifts downwards\nB. The domestic demand curve shifts upwards\nC. Some of the domestic consumers\u2019 surplus transfers to the domestic producers\nD. Importers\u2019 profit decreases", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "What is the closest estimate of the combined share of the two countries with the largest GDP in the whole World\u2019s GDP?\n\nA. 0.05\nB. 0.15\nC. 0.35\nD. 0.65", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The government is concerned with the existing trade deficit. In coordination with the Central Bank, it considers measures to alleviate the problem. Which of the following policies would help to achieve this goal?\n\nA. Lowering prime interest rates\nB. Tax deductions for exporting firms\nC. Buying government bonds\nD. All mentioned policies will help to achieve the goal", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "A monopolist with a demand function Q = 120 \u2212 P and total cost TC = 2q2 faces per-unit tax of $12. By how much the consumer price will increase?\n\nA. 3\nB. 6\nC. 0.02\nD. 0.1", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider a Cournot duopolistic market with a linear demand curve (Q = a \u2013 bP), where firms X and Y compete by simultaneously choosing their output level (qx and qy respectively). Firms X and Y have constant marginal costs, CX and CY and zero fixed costs. Which of the following chains of events is in line with this model?\n\nA. If CX increases \u21d2 CY decreases\nB. If CX decreases \u21d2 qY decreases and Q increases in equilibrium\nC. If a increases \u21d2 Q decreases and P increases in equilibrium\nD. If CY increases \u21d2 qY increases in equilibrium", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Let\u2019s suppose we observe two competitors in the automobile industry, i.e. BMW and Mercedes. All else equal, if Mercedes reduces the price of its cars, we should expect that\n\nA. BMW\u2019s supply curve will move to the left and the price of BMW cars will increase\nB. BMW\u2019s supply curve will move to the right and the price of BMW cars will decrease\nC. BMW\u2019s demand curve will move to the left and the price of BMW cars will decrease\nD. BMW\u2019s demand curve will move to the right and the price of BMW cars will increase", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "We often observe that people with health insurance demand more pharmaceutical products than they actually need. This phenomenon is known as:\n\nA. adverse selection\nB. moral hazard\nC. an efficient free market outcome\nD. profit maximization", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Let\u2019s suppose that Catherine just lost her job and found a new one right away but at a lower wage rate. Based on the neoclassical theory for labor supply, the substitution effect of the lower wage for Catherine will lead her to:\n\nA. work less hours than before\nB. work more hours than before\nC. work the same hours as before\nD. exit the labor market and thus, supply zero hours of work", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Farms A, B and C produce only mangoes (M) and papayas (P). The production possibility frontier of each farm is as follows: FarmA:MA +PA =100 Farm B: 2MB + 3PB = 300 FarmC:MC +2PC =600 What is the maximum number of mangoes that they can produce together if they want to produce at least 300 papayas?\n\nA. 200\nB. 300\nC. 400\nD. 600", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Mrs Smith has a nominal income of US$60,000 per year, taxed by 40%. Her wealth includes some equipment, which depreciates by US$2,500 every year. Mrs Smith decides to spend 70% of her disposable income on consumption and to invest the rest on equipment. Her equipment\u2019s value will increase by:\n\nA. US$57.500\nB. US$10.800\nC. US$10.500\nD. US$8.300", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "If a producer has market power (that is, with her actions she can influence the market price), what can we say about the quantity produced?\n\nA. It is equitable\nB. It is efficient\nC. It maximizes consumer surplus\nD. None of the other answers is correct", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "In the case of recession described with the letter U:\n\nA. The economy quickly bounces back to normal.\nB. It is a case of a back-to-back recession.\nC. There is a slow recovery with eventual return to normal.\nD. There is a long recession with no return to normal.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "In the case of a monopolist applying price discrimination, the deadweight loss:\n\nA. can be zero\nB. will always be higher than in the case of perfect competition\nC. will always be higher than in the case of a monopolist that does not price discriminate\nD. is equal to the total consumer surplus in the case of perfect competition", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider a game with an entrant and an incumbent. The entrant moves first, and the incumbent observes this decision. The entrant can either enter the market or stay out. If the entrant stays out, the game ends with the entrant receiving a payoff of 0 and the incumbent receiving a payoff of 3. If the entrant enters the market, the incumbent must decide whether to prevent or allow entry. If the incumbent prevents entry, the entrant receives -2, and the incumbent receives \u22121. If the incumbent allows entry, the entrant receives 3, and the incumbent receives 2. What are the payoffs for each player if they both follow their optimal strategy?\n\nA. The entrant receives 0, the incumbent receives 3.\nB. The entrant receives \u22122, the incumbent receives \u22121.\nC. The entrant receives 3, the incumbent receives 2.\nD. The entrant receives 0, the incumbent receives 2.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "In a city, there are two car factories, Factory A and Factory B. Factory A can produce 100 red cars or 200 yellow cars per batch, while Factory B can produce 50 red cars or 150 yellow cars per batch. Which factory has the higher opportunity cost of producing one yellow car?\n\nA. Both factories have the same opportunity cost\nB. Factory A\nC. There is not enough information to answer\nD. Factory B", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "There are 4 consumers in the market for sweaters. Consumer 1 is willing to spend \u00a340 on a sweater, Consumer 2 is willing to spend \u00a335, Consumer 3 is willing to spend \u00a325, and Consumer 4 is willing to spend \u00a320. Each consumer only wants to buy one sweater. If the market price for sweaters is \u00a328, what is the total consumer surplus in this market?\n\nA. Consumer surplus is equal to \u00a319.\nB. Consumer surplus is equal to \u00a316.\nC. Consumer surplus is equal to \u00a38.\nD. It is impossible to calculate consumer surplus in this market without more information about the market demand curve.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "In a market of price-taking firms, the market (inverse) supply curve is P = (1/2)Q and the (inverse) demand curve is P = 100 \u2013 (1/3)Q, where P refers to price and Q refers to quantity. \u2018Tax burden\u2019 refers to how the tax on each unit sold is shared between producers and consumers. If the government imposes a per-unit tax on this market, then:\n\nA. the consumers will bear more of the tax burden than the firms\nB. the firms will bear more of the tax burden than the consumers\nC. the tax burden on consumers and firms will be the same\nD. the distribution of the tax burden cannot be determined from the information given.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The price of apples decreases from USD 2.00 per kilogram to USD 1.82 per kilogram, causing the quantity demanded to increase from 100 kilograms to 118 kilograms. Calculate the price elasticity of demand for apples and determine if the demand is elastic, inelastic, or unit elastic.\n\nA. Elasticity = \u22121.5; Demand is elastic.\nB. Elasticity = \u22120.5; Demand is inelastic.\nC. Elasticity = \u22121.0; Demand is unit elastic.\nD. Elasticity = \u22122.0; Demand is elastic.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Alvin, Simon, and Theodore are neighbors taking their families for a weekend trip to a mountain chalet an hour's drive from the city. They meet at the neighborhood gas station before starting their trip. Before seeing the gas prices, they discuss their plans. Alvin says he will definitely fill his tank because it is empty. Simon wants to buy as much gas as he can, spending \u20ac50. Theodore says he still has some gas but would buy a few more liters if the price per liter is exactly \u20ac2. Which of the following statements about their price elasticity of demand for gas is correct?\n\nA. Price elasticity demand for gas is 0 for Alvin, demand is unitary elastic for Simon and perfectly elastic for Theodore.\nB. Price elasticity demand for gas is 1 for Alvin, 0 for Simon and 2 for Theodore.\nC. Price elasticity demand for gas is \u22121 for Alvin, unitary elastic for Simon and demand for gas is perfectly elastic for Theodore.\nD. Price elasticity demand for gas 1 for Alvin, 0 for Simon and demand for gas is perfectly price inelastic for Theodore.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct regarding the impact of taxes?\n\nA. a tax on gasoline has a greater deadweight loss in the short run than in the long run and a tax on alcohol generates a larger deadweight loss than a tax on luxury watches\nB. a tax on gasoline has a greater deadweight loss in the long run than in the short run and a tax on alcohol generates a smaller deadweight loss than a tax on luxury watches\nC. a tax on gasoline has a greater deadweight loss in the short run than in the long run and a tax on alcohol generates a smaller deadweight loss than a tax on luxury watches\nD. a tax on gasoline has a greater deadweight loss in the long run than in the short run and a tax on alcohol generates a larger deadweight loss than a tax on luxury watches", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following best describes the concept of the \u201coutput gap\u201d?\n\nA. The difference between total imports and total exports\nB. The difference between actual output and potential output\nC. The gap between the rich and the poor\nD. The difference between government revenue and expenditure", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Alexandra and Bob can each choose how hard to work on a task. Each person's output is \u00a380 if they are lazy, and \u00a3160 if they work hard. The cost of effort is \u00a30 if they are lazy, and \u00a370 if they work hard. The total output is shared equally between them. For example, if Alexandra puts in her effort but Bob does not, her net income is \u00a3120 \u2212 \u00a370 = \u00a350. If both workers are completely selfish, then in the equilibrium outcome they will each end up with a net income of:\n\nA. \u00a390\nB. \u00a380\nC. \u00a350\nD. \u00a370", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following are not transaction costs?\n\nA. Costs of lawyers certifying the sale of an apartment\nB. Costs of renovating a new apartment\nC. The cost of finding a suitable agent to sell the apartment\nD. Costs for appraising the price of an apartment", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following accurately describes the concept of the \u201cnatural rate of unemployment\u201d and its significance for monetary policy?\n\nA. The rate of unemployment that can be achieved without causing inflation to rise\nB. The lowest possible rate of unemployment an economy can achieve\nC. The rate of unemployment that results from cyclical factors\nD. The rate of unemployment targeted by central banks to maintain economic growth", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "According to the research of the 2023 Nobel Laureate in Economics, which statement is correct?\n\nA. Female labor force participation was almost certainly decreasing during the 19th century.\nB. Most of the earnings gap that remains today between men and women stems from earnings differences between \u2013 rather than within \u2013 occupations.\nC. For the OECD countries, on average men have been educating themselves to a greater extent than women, and this difference has been increasing over time.\nD. The negative earnings impact of parenthood falls equally on both mothers and fathers.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "What is the primary purpose of a central bank's open market operations?\n\nA. To regulate the stock market\nB. To control the money supply and interest rates\nC. To provide loans to businesses\nD. To manage the national debt", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is an example of an automatic stabilizer in the economy?\n\nA. Tax cuts during a recession\nB. Unemployment benefits increasing as more people lose their jobs\nC. A government bailout for banks\nD. Interest rate cuts by the central bank", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider an economy experiencing both high inflation and high unemployment, a situation known as stagflation. Which of the following policy mixes would be most appropriate to address both issues simultaneously?\n\nA. Increase interest rates and decrease government spending\nB. Increase government spending and decrease interest rates\nC. Implement structural reforms to enhance productivity and apply targeted fiscal measures to support employment\nD. Decrease taxes and increase money supply", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following best reflects the policy differences of two economic schools of thought?\n\nA. Classical economists and Keynesians both agree that long-run neutrality of money justifies a rules-based monetary framework to guide rational expectations and reduce policy uncertainty.\nB. Neoclassical economists argue that economic agents respond quickly to incentives, implying that policy should focus on ensuring price flexibility and efficient market signals; Keynesian economists, in contrast, see wages and prices as sticky, justifying short-run fiscal intervention to restore output and employment.\nC. Keynesian and Marxist economists share a belief in market efficiency, but differ on whether government intervention should be rule-based or discretionary.\nD. Neoclassical economists and Keynesian economists both support automatic stabilizers as the preferred tool of macroeconomic policy, but differ on whether such stabilizers should be tied to inflation targets.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider a closed economy where the GDP is given by Y = C + I + G and consumption is a linear function of disposable income with the Marginal Propensity to Consume MPC = 0.8. The current GDP is Y = $500. The only source of revenue for the government is taxes and the tax is a flat 22% of income. The government wants to increase G by $20. It wants to finance it partially through the tax increase and plans to increase the tax to 25%. It will finance the rest by borrowing. Assuming the investment will not change, what will be the new GDP?\n\nA. $520\nB. $525\nC. $540\nD. $550 IEO 2025 Economics MCQ ieo-official.org", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "From 2016 to 2018, the European Union experienced a rise in its capital and financial account surplus within its balance of payments. Assuming all other factors remain unchanged, which of the following is the most probable explanation for this growth in the EU\u2019s capital and financial account surplus?\n\nA. A rise in foreign direct investment (FDI) and portfolio investments coming into the EU.\nB. An increase in EU exports' value and a decrease in EU imports' value.\nC. A rise in public sector borrowing alongside an increase in public sector debt.\nD. A higher inflow of funds into the primary income part of the EU\u2019s balance of payments.", "assistant": "A"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Being a refuse collector might be an unpleasant job for many people. Instead of compensating these workers with higher wages in order to attract a sufficient number of employees, in many countries the opposite pattern is observed, i.e. the job is still poorly paid. What is most likely the reason for this observation?\n\nA. There is a high rate of union membership among these workers.\nB. There is a large supply of labor for this type of unskilled jobs.\nC. There is high demand for staff in busy urban areas.\nD. The number of working days per year is higher compared to other professions because there are few holidays.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following scenarios represents an effective solution designed to address an adverse selection problem?\n\nA. Insurance companies require deductibles from policyholders to reduce unnecessary medical claims and ensure cost-sharing.\nB. Universities implement comprehensive proctored examination systems to prevent academic dishonesty and maintain educational integrity.\nC. Insurance companies require thorough medical examinations before issuing health policies to assess pre-existing conditions.\nD. Employers offer performance-based bonus structures tied to measurable outcomes to incentivize productive behavior. IEO 2025 Economics MCQ ieo-official.org", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Two countries are experiencing economic downturns:  Economic Indicator Country A Country B  Before                          After Before                          After Real GDP (billions) $500                           $480 $800                             $776 Unemployment Rate 5%                               12% 4%                                 10% Price Level 100                                85 100                                 120\n\nA. Both countries are experiencing demand-side recessions.\nB. Country A is experiencing a demand-side recession, Country B a supply-side recession.\nC. Country A is experiencing a supply-side recession, Country B a demand-side recession.\nD. Both countries are experiencing supply-side recessions.", "assistant": "B"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Consider two economies, A and B, with the following income distributions among five population quintiles (each 20% of the population): Quintile Economy A (% of total income Economy B (% of total income) Q1 5% 2% Q2 10% 8% Q3 15% 12% Q4 25% 28% Q5 45% 50% Which of the following statements is correct regarding the Gini coefficients of these two economies?\n\nA. Economy B has a lower Gini coefficient than Economy A because its top quintile earns more, which increases total income and reduces relative inequality.\nB. Economy A has a higher Gini coefficient than Economy B because its income distribution is more unequal across the lower three quintiles.\nC. Economy B has a higher Gini coefficient than Economy A, and this can be shown by calculating the area between the Lorenz curve and the line of perfect equality.\nD. The Gini coefficients of both economies are equal, because both have identical income shares for the top 40% of the population.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is not a negative implication of having high levels of government debts?\n\nA. It may lead to crowding out of private investments.\nB. Higher rates of taxation to cover the expenditures.\nC. Decreased ability of the government to respond to emergencies.\nD. All of them are negative implications of having a high level of government debts. IEO 2025 Economics MCQ ieo-official.org", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "The following information is the data on a survey of demand elasticity for low calorie fruit and vegetables (the price elasticity is reported as an absolute value). Price per 100g Typical spending per week Price elasticity of demand $0.36 $3.44 0.830 The total expenditure of the consumer is $80 per week. Suppose now that the price of low-calorie fruit and vegetables increases by 10%. Based on this information, we can conclude that:\n\nA. The demand for low-calorie fruit and vegetables rises by 8.3%.\nB. The quantity the consumer consumes before the price change is 344g per week.\nC. The quantity the consumer consumes after the price change is 876.25g per week.\nD. The consumer\u2019s expenditure on low-calorie fruit and vegetables increases by $0.08. IEO 2025 Economics MCQ ieo-official.org", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "There are five students who are looking to buy one second-hand textbook each. Their willingness-to-pay are \u00a35, \u00a36, \u00a38, \u00a312, and \u00a315, respectively. Based on this information, which of the following statements is correct?\n\nA. The student with a willingness-to-pay of \u00a315 is the richest.\nB. Their willingness-to-pay indicates an upward-sloping demand curve.\nC. To sell three books, the maximum price that can be charged is \u00a38.\nD. If a seller is one of many identical sellers and his reservation price is \u00a38, then he is guaranteed to sell his textbook.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "You are given the following information for a country: Participation rate = 75%, Unemployment rate = 10%, Employment rate = 67.5% and Number of employed = 27 million. Based on this information, which of the following is correct?\n\nA. The working age population is 30 million.\nB. The size of the labour force is 40 million.\nC. The number of unemployed is 3 million.\nD. The unemployment rate is 12%. IEO 2025 Economics MCQ ieo-official.org", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following statements is correct?\n\nA. The supply of base money entirely depends on how many transactions commercial banks have to make.\nB. The central bank intervenes in the money market by committing to lend whatever quantity of base money is demanded at the current bank lending rate.\nC. The central bank sets the policy rate in order to maximise its profits.\nD. When savers buy bonds they are lending money in the money market.", "assistant": "D"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Which of the following is a non-excludable public good?\n\nA. A student's personal bicycle.\nB. Seats in a cinema.\nC. None of the other\nD. Karate sessions at a private gym. IEO 2025 Economics MCQ ieo-official.org", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "In an economy with unutilised resources, the government stimulates aggregate demand by increasing its spending. The effect on output and employment will be greater if:\n\nA. The economy has a high propensity to import.\nB. The spending is financed by additional taxation.\nC. Its trading partners undertake a similar policy.\nD. The central bank simultaneously tightens monetary policy.", "assistant": "C"}
{"system": "You are an expert in economics. Answer the following multiple-choice question by selecting the correct option(s). There may be one or more correct answers. Output the letter(s) of the correct answer(s) (e.g., A or BC). Provide only the letter(s) of your answer.", "user": "Last year, an economy had 1m registered unemployed and a labour force of 20m. Official statistics forecast a level of unemployment of 0.8m by the year\u2019s end while the size of the labour force remains unchanged. If this happens then the unemployment rate will have:\n\nA. Risen by 0.2m.\nB. Fallen from 5% to 4%.\nC. Fallen by 0.2m.\nD. Fallen by 0.2 per cent. IEO 2025 Economics MCQ ieo-official.org", "assistant": "B"}