Macro Pop Quiz

Question or Hint Answer or Word

True or false: Adam Smith invented the Economy
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)
What is the definition of Scarcity as it relates to economics?
What is the definition of Comparative Advantage as it relates to economics?
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)
Keynes believed _____ expained business cycles: All answers listed (wrong answers: Animal spirits, sentiment , consumer confidence)
True or false: closed Economies are as common as open economies.