Macro Pop Quiz
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True or false: Adam Smith invented the Economy
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What does the term "Invisible Hand" mean?
Driving force of the individual to make the most efficient decision.
(wrong answers:
A boss in Smash Bros,
Government policies that help consumers,
Societal interactions)
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What is the definition of Scarcity as it relates to economics?
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What is the definition of Comparative Advantage as it relates to economics?
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A business cycle is:
The flow of expansion and recession
(wrong answers:
A bike that a CEO uses,
The Keynesian prediction for business outcomes,
Easily predictable,
None of the above)
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Keynes believed _____ expained business cycles:
All answers listed
(wrong answers:
Animal spirits,
sentiment ,
consumer confidence)
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True or false: closed Economies are as common as open economies.