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Macro Pop Quiz

  1.  
    T/F: Adam Smith invented the Economy
    A. T B. F
  2.  
    What does the term "Invisible Hand" mean?
    A. A boss in Smash Bros B. Government policies that help consumers C. Societal interactions D. Driving force of the individual to make the most efficient decision.
  3.  
    What is the definition of Scarcity as it relates to economics?
  4.  
    What is the definition of Comparative Advantage as it relates to economics?
  5.  
    A business cycle is:
    A. A bike that a CEO uses B. The Keynesian prediction for business outcomes C. The flow of expansion and recession D. Easily predictable E. None of the above
  6.  
    Keynes believed _____ expained business cycles:
    A. All answers listed B. Animal spirits C. sentiment D. consumer confidence
  7.  
    Closed Economies are as common as open economies
Answer Key
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Macro Pop Quiz (Answer Key)

  1.  
    T/F: Adam Smith invented the Economy
    A. T B. F
  2.  
    What does the term "Invisible Hand" mean?
    A. A boss in Smash Bros B. Government policies that help consumers C. Societal interactions D. Driving force of the individual to make the most efficient decision.
  3.  
    What is the definition of Scarcity as it relates to economics?
  4.  
    What is the definition of Comparative Advantage as it relates to economics?
  5.  
    A business cycle is:
    A. A bike that a CEO uses B. The Keynesian prediction for business outcomes C. The flow of expansion and recession D. Easily predictable E. None of the above
  6.  
    Keynes believed _____ expained business cycles:
    A. All answers listed B. Animal spirits C. sentiment D. consumer confidence
  7.  
    Closed Economies are as common as open economies

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