No Graphics! No Charts! No Calculations!
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! I took it easy, I promise! Let’s start!
Are you an economics professor?
You are amazing in economics!
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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