Quizizz--Economics (Module 4--Element 1.12)--Unintended Conseque

Who wrote the book "Economics in One Lesson"?

• Frédéric Bastiat

• John Maynard Keynes

• Henry Hazlitt

• Adam Smith

What is the main argument against the "broken window fallacy"?

• It creates more jobs in the community.

• It ignores the secondary effects of economic actions.

• It leads to increased production of goods.

• It results in higher taxes for the shopkeeper.

What would the shopkeeper have done if the window had not been broken?

• Invested in a new business

• Bought a new car

• Spent money on other items like shoes or clothes

• Saved the money in a bank

What does the "broken window fallacy" suggest about destructive acts?

• They are beneficial for the economy.

• They reduce employment opportunities.

• They have no impact on the economy.

• They increase the wealth of the community.

What was Hazlitt's main lesson when analyzing an economic proposal?

• Focus only on the immediate results.

• Consider only the primary consequences.

• Trace both immediate and long-term results, and consider effects on everyone.

• Analyze only the effects on a special group.

What did Hazlitt believe was the most common source of economic error?

• Overestimating the benefits of a policy.

• Ignoring the short-term benefits of a policy.

• Focusing only on the long-term consequences.

• Failing to apply the lesson of considering secondary consequences.

What unintended consequence resulted from the regulation to make automobiles more fuel efficient?

• Decrease in highway deaths.

• Increase in gasoline consumption.

• Increase in highway deaths.

• Decrease in vehicle congestion.

How did higher mileage standards for cars and light trucks affect driving behavior?

• People drove less due to higher costs.

• People drove more because driving became cheaper.

• People stopped using cars altogether.

• People switched to public transportation.

What are the secondary effects of tariffs and import quotas on foreign goods?

• They always benefit domestic workers.

• They have no impact on domestic prices.

• They can lead to higher costs for similar products.

• They reduce the employment of foreign workers.

What is one argument made by proponents of import quotas on sugar in the United States?

• They decrease the price of sugar globally.

• They save jobs and increase employment.

• They reduce the cost of candy production.

• They increase foreign sugar sales.