Economics Quiz #1

If a country has a comparative advantage over another country, they can produce a good at a lower _________ ___________ cost than the other country.

What was the title of John Maynard Keynes' most famous book?

What year did Jean Baptiste Say publish his Treatise on Political Economy?

What are the exact words that most modern economists, especially Keynesians and MMT adherents, use to quote Say's Law?

A theory which Marx, Smith, Say, and Bastiat all believed in...

What is the full title of Adam Smith's most famous book?

What does MMT stand for?

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.

What year was John Maynard Keynes' most famous work published?

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.

The __________ Revolution was sparked by a discovery made simultaneously by three economists in 1871.

Who were the three economists described in the question above?

Who said "in the long run, we are all dead."

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?

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.