Maybe a thousand years ago we could, but today we simply can not live without money. And Econ 101 is an amazing class that teaches us “how money works” on a macro scale. This financial eco-system is a “magic” created by Sapiens. And it’s called “economics”. 

So here is a quiz to test your very basic economics knowledge. No graphics! No charts! No calculations! We took it easy, we promise! Let’s start!

Results

Are you an economics professor?

You are amazing in economics!

Congratulations!

ECON101 is hard! Maybe next time :)

#1 If people stop drinking milk

#2 Which of the following would normally be considered to be an example of complements?

#3 In a complex economy, selling and buying is a more effective procedure for exchange than barter is, because

#4 Which of the following is not a capital good?

#5 Relative to a person who earns $7 per hour, a person who earns $30 per hour has

#6 Suppose the total value of US stocks drops by $100 billion because Donald Trump announces that a black cat is bringing him bad luck. Then,

#7 To an economist, “saving” is

#8 The exchange of goods or services in a free market is likely to increase the welfare of both sides because

#9 If the price elasticity of supply for cell phone service is 3, a 20% price increase will cause the quantity supplied to increase by

#10 A demand curve normally shifts when

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