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Economics Quiz #1 - Statistics
General Stats
- This quiz has been taken 93 times
- The average score is 2 of 15
Answer Stats
| Hint | Answer | % Correct |
|---|---|---|
| Who said "in the long run, we are all dead." | John Maynard Keynes | 56%
|
| The __________ Revolution was sparked by a discovery made simultaneously by three economists in 1871. | Marginal | 32%
|
| What does MMT stand for? | Modern monetary theory | 27%
|
| What year was John Maynard Keynes' most famous work published? | 1936 | 25%
|
| If a company has a(n) ___________ ___________ over another company, they can produce more units of output using the same amount of input than their competitor. | absolute advantage | 23%
|
| What was the title of John Maynard Keynes' most famous book? | The General Theory of Employment, Interest, and Money | 11%
|
| Generally, when talking about an "_______ _____ curve," an economist is referring a situation in which the long term interest rate is lower than the short term interest rate, which is the opposite of how it usually goes. | inverted yield | 10%
|
| A theory which Marx, Smith, Say, and Bastiat all believed in... | Labor theory of value | 6%
|
| What are the exact words that most modern economists, especially Keynesians and MMT adherents, use to quote Say's Law? | Supply creates its own demand. | 6%
|
| If a country has a comparative advantage over another country, they can produce a good at a lower _________ ___________ cost than the other country. | marginal opportunity | 5%
|
| What year did Jean Baptiste Say publish his Treatise on Political Economy? | 1803 | 4%
|
| What rule states that if the 3-month moving average unemployment rate surpasses the trailing 12-month minimum unemployment rate by at least 0.5 percentage points, then the economy is officially in a recession? | Sahm Rule | 4%
|
| A more accurate synopsis of Say's Law of Markets would be the following: In order possess the _________ ________ for a good or service, one must have produced and sold something himself first. | effective demand | 3%
|
| What is the full title of Adam Smith's most famous book? | An Inquiry Into the Nature and Causes of the Wealth of Nations | 1%
|
| Who were the three economists described in the question above? | Carl Menger, William Stanley Jevons, Leon Walras | 1%
|
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