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Economics #3

Total questions: 55

Worksheet time: 16mins

Name
Class
Date
1.
a)

F. A. Hayek

b)

Joseph Schumpeter

c)

Walter Williams

d)

Milton Friedman

e)

Thomas Sowell

2.
a)

Joesph Schumpeter

b)

Milton Friedman

c)

F.A. Hayek

d)

Thomas Sowell

e)

Walter Williams

3.
a)

Thomas Sowell

b)

Walter Wiliams

c)

Joesph Schumpter

d)

F.A. Hayek

e)

Hernando de Soto

4.
a)

Hernando De Soto

b)

F.A. Hayek

c)

Walter Williams

d)

Joseph Schumpeter

e)

Thomas Sowell

5.
a)

Walter Williams

b)

Thomas Sowell

c)

Adam Smith

d)

Joseph Schumpeter

e)

F.A. Hayek

6.
a)

Adam Smith

b)

Joseph Schumpeter

c)

Walter Williams

d)

Thomas Sowell

e)

F.A. Hayek

7.

One of the consequences of buying a college education in a field that does not lead directly to a profession is (multiple select 3)

a)

you might be ignorant of the creation in capitalism and free markets

b)

you will have a college debt and it is always worth it because barista jobs pay really well.

c)

articulate about the destruction in capitalism that you see even though you know nothing of the creation in capitalism

d)

You might be unsuitable for most types of work that you might get because your colleagues have been working and you've been in college getting a --- studies degree.

8.

Creative destruction was the idea and description of

a)

Walter Williams

b)

Adam smith

c)

Joseph Schumpeter

d)

F.A. Hayek

9.

Old ways must die so that new ways can emerge in a free market economy. This is necessary so that ---

a)

we are no long embarrassed by the old fashioned ways of doing things and they will be gone.

b)

labor, entrepreneurial talent, and resources can be redistributed by market forces to the new products and new efficiency.

10.

The old products and the old ways of making things must stop so that a new products and new ways of making things and providing services can emerge in a free market. This is called ---.

a)

Creative Destruction

b)

Dave Chappelle

c)

Ironic Interpretation of Capitalism

d)

Marxist interpretation of Capitalism

11.

Capitalism and economic liberty cannot survive too many young people getting worthless college degrees because they will be articulate about the destructive aspect of creative destruction and will never know anything about the creative aspect.

a)

Marxist view of capitalism

b)

Schumpeterian (ironic) view of capitalism

c)

Hayekian theory demonstrating that market interest rate perform a genuine market function

d)

all of these

12.
a)

Yuan symbol

b)

Yen Symbol

c)

Deutsch Mark Symbol

d)

Dollar sign Symbol

13.

You can't get it regardless of the price your willing to pay.

a)

shortage

b)

scarcity

14.

You have to give up something in order to get it.

a)

shortage

b)

scarcity

15.

Trade is made of ---

a)

whatever it takes

b)

winter green mint

c)

win

d)

Winston Smith

16.

The curious task of economists is to demonstrate to men how little they know about what they imagine they can design.

a)

Walter Williams

b)

Thomas Sowell

c)

Milton Friedman

d)

F.A. Hayek

17.

People who do important and difficult task must be paid what it takes to keep them on the job.

a)

incentives matter

b)

Marxist theory

18.

Reduced the price of kerosene to 1/10 its former price thus probably saving the whales, invented the tanker railroad car and the oil pipeline. He tried to create a monopoly but there were never fewer than 5 competing oil companies.

a)

Andrew Carnegie

b)

John D. Rockefeller

c)

Cornelius Vanderbilt

d)

Henry Ford

19.

Reduced the price of high quality steel to 1/10 the former price eliminating dangerous "snakehead" railroad accidents. Made railroad expansion and skyscrapers possible.

a)

Henry Ford

b)

John D. Rockefeller

c)

Cornelius Vanderbilt

d)

Andrew Carnegie

20.

Reduced the price of railroad, ferry boat and ocean liner travel to 1/7 its former price without ever taking a government subsidy. He out competed companies that corruptly took government subsidies.

a)

Cornelius Vanderbilt

b)

Henry Ford

c)

Andrew Carnegie

d)

Steve Jobs

21.

Did not invent the automobile. He invented the affordable automobile by a means of production called the assembly line.

a)

Steve Jobs

b)

Andrew Carnegie

c)

Cornelius Vanderbilt

d)

Henry Ford

22.

It is almost never the case that the person with the great invention or business idea is also the person with the money. In fact he almost always needs to get help from a financial banker to raise the money.

a)

true

b)

false

23.

Trade promotes

a)

progress

b)

teachers to become principals

24.

Searching for information, bargaining and decisions, and policing with enforcement are examples of ---

a)

transaction costs.

b)

common costs.

25.

In capitalism profit and loss are --- that tell you what to keep doing and what to stop doing.

a)

signals

b)

factors of production

26.

This is NOT a factor of production

a)

entrepreneurship

b)

labor (workers)

c)

land (resources)

d)

capital (money and the things that money have already bought)

e)

advertising

27.
a)

The Bridge

b)

The Certifier

c)

The Enforcer

d)

The Risk-Bearer

28.
a)

The Insulator

b)

The Certifier

c)

The Risk-Bearer

d)

The Enforcer

29.
a)

The Concierge

b)

The Bridge

c)

The Insulator

d)

The Risk-Bearer

30.
a)

The Bridge

b)

The Insulator

c)

The Risk Bearer

d)

The Concierge

31.
a)

The Bridge

b)

The Concierge

c)

The Insulator

d)

The Risk-Bearer

32.
a)

The Certifier

b)

The Risk-Bearer

c)

The Bridge

d)

The Insulator

33.

The value of labor is --- from the value of the --- it producers or service it provides.

a)

determined, higher order good

b)

derived, consumer good

34.

Rent control laws causes --- and minimum wage laws cause ---.

a)

unemployment, housing shortages for poor people

b)

housing shortages for poor people, unemployment

35.

Prices are not --- that set value. Prices are --- the respond to value.

a)

levers, metrics

b)

metrics, levers

36.

There are two ways that humans make exchanges: the economic way which are --- and the political way which are ---.

a)

peaceful voluntary exchanges, enforced with violence

b)

enforced with violence, peaceful voluntary exchanges

37.

--- of the people of the world cannot identify themselves or their property in a legally useful way.

a)

1/3

b)

2/3

c)

1/2

d)

3/4

38.

In economics were take --- seriously.

a)

trade-offs

b)

local trade

c)

international trade

d)

stock market trading

39.

Every decision to spend time and money on one thing is ---.

a)

the decision not to spend time and money on something else

b)

free from worry because you probably made the correct decision

40.

Everyone spends these two things at an exchange.

a)

time and money

b)

interest and talent

41.

This is a problem with barter

a)

a lack of visible goods

b)

a lack of coincidence of wants

42.

This is a problem with barter that can be solved by money

a)

divisibility

b)

indivisible monies

43.

This is a problem with barter that is solved by money

a)

durability

b)

frangibility

44.

This is a problem of barter that is solved by money

a)

one of a kind money items

b)

recognized value

45.

A good money should be ---

a)

difficult to duplicate

b)

easy for everyone to duplicate

46.

Pay no attention to bargains pay no attention to quality (government spending)

a)

Spending your money on yourself

b)

Spending your money on other people

c)

Spending other people's money on yourself

d)

Spending other people's money on other people

47.

Pay attention to a bargain and pay no attention to quality

a)

Spending your money on yourself

b)

Spending your money on other people

c)

Spending other people's money on yourself

d)

Spending other people's money on other people

48.

Pay close attention to bargains and quality (free people)

a)

Spending your money on yourself

b)

Spending your money on other people

c)

Spending other people's money on yourself

d)

Spending other people's money on other people

49.

Pay no attention to bargains and pay close attention to quality.

a)

Spending your money on yourself

b)

Spending your money on yourself

c)

Spending other people's money on yourself

d)

Spending other people's money on other people

50.
a)

the White House

b)

the Supreme Court Building

c)

Capitol Hill

d)

the FBI building

51.

a)

Adam Smith

b)

Cornelius Vanderbilt

c)

Henry Ford

d)

Andrew Carnegie

52.

a)

Andrew Carnegie

b)

Henry Ford

c)

Cornelius Vanderbilt

d)

James Hill

53.

a)

John D. Rockefeller

b)

Henry Ford

c)

James Hill

d)

Andrew Carnegie

54.

a)

Andrew Carnegie

b)

John D. Rockefeller

c)

James Hill

d)

Cornelius Vanderbilt

55.

a)

John D. Rockefeller

b)

Henry Ford

c)

James Hill

d)

Andrew Carnegie

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