Statistics for 50 Economics Ideas You Really Need to Know

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General Stats
Answer Stats
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General Stats

This quiz has been taken 416 times
The average score is 5 of 50

Answer Stats

	Hint	Answer	% Correct
8	The least worst way to run an economy	Capitalism	60%
19	Keep prices rising slowly	Inflation	55%
11	An egalitarian, entirely state-run society	Communism	42%
17	The key yardstick of a country's economic performance	Gross Domestic Product	39%
20	Falling prices can cripple an economy	Debt and deflation	37%
21	As inevitable as death	Taxes	31%
9	Governments should spend to prevent deep recessions	Keynesianism	28%
7	Specialization+free trade=win-win	Comparative advantage	20%
47	People behave differently in games	Game theory	18%
4	Time is money	Opportunity cost	18%
3	Beware relentless rises in population	The Malthusian trap	14%
10	Control the growth of money	Monetarism	12%
15	Money is a token of trust	Money	11%
2	Something is perfectly priced when supply equals demand	Supply and demand	10%
18	Central banks steer economies away from booms and busts	Central banks and interest rates	9%
22	Zero unemplyment is impossible	Unemployment	9%
28	Banks connect borrowers with lenders	Banks	8%
24	The ledger of a country's international economic relations	Balance of payments	7%
1	Self-interest is good for society	The invisible hand	7%
40	Globalization is the adrenaline of capitalism	Globalization	6%
39	The wealth gap will destablize nations	Inequality	6%
30	Pass risk to those more willing to take it	Risky business	5%
36	Companies must adapt or die	Creative destruction	4%
5	People respond to incentives	Incentives	4%
29	Stock markets sit at the heart of capitalism	Stocks and shares	4%
13	Higher taxes mean lower growth	Supply-side economics	4%
46	People are predictably irrational	Behavioural economics	3%
23	The barometer of a country's standing	Currencies and exchange rates	3%
6	Concentrate on your specialities	Division of labor	3%
12	Individual human choices are paramount	Individualism	3%
14	Rational people think at the margin	The marginal revolution	3%
42	The biggest threat to world peace and prosperity	Protectionism	2%
25	The irreplaceable foundations of society	Trust and the law	2%
50	Intervene when people are not rational	21st-Century economics	1%
34	Humans are addicted to bubbles	Blowing bubbles	1%
27	Bonds are the basis of government financing	Bond markets	1%
31	Boom and bust are inevitable	Booms and busts	1%
35	Economies seize up as credit drieds up	Credit crunches	1%
44	Aim to pull the bottom billion out of poverty	Development economics	1%
45	Act now to avoid terrible environmental costs	Environmental economics	1%
38	Governments are addicted to debt	Government deficits	1%
49	Economics is not all about money	Happynomics	1%
37	House prices go down as well as up	Home-owning and house prices	1%
16	Micro for business, macro for countries	Micro and macro	1%
33	Money markets make the world go round	Money markets	1%
32	Beware promising money you can't give	Pensions and the welfare state	1%
48	Economics can apply to everything	Criminomics	0%
26	Deal with oil shortages through intervention	Energy and oil	0%
41	Nations can acheive more by working together	Multilateralism	0%
43	Technology is economic fuel	Technological revolutions	0%