International Trade
Economic History
Schools of Economics and Famous Economists
Politics and Economics
Random
100
A country has this when it can produce everything more efficiently than another country.
What is a absolute advantage?
100
This bad historical event in the late 1920s and 1930s inspired economists like FA Hayek and John Maynard Keynes to come up with new models for the economy.
What is the Great Depression?
100
This economist founded the Keynesian school of economics, which believes that the government should intervene in the economy by spending and taxing.
Who is John Maynard Keynes?
100
This theory applies economic thinking to politics.
What is public choice?
100
This central bank of the United States conducts monetary policy.
What is the Federal Reserve?
200
A country has this when it can produce a good at a lower opportunity cost than another country.
What is comparative advantage?
200
This man wrote the Wealth of Nations and is known as the father of modern economics. He is famous for coining the term “invisible hand.”
Who is Adam Smith?
200
The cycle that characterizes the economy: recessions, troughs, expansions, and peaks.
What is the business cycle?
200
Public choice theory says this motivates politicians and all human beings.
What is self-interest?
200
The situation when the government increases the money supply and prices rise.
What is inflation?
300
Higher prices for consumers, higher prices for businesses who buy the protected industry’s product, and retaliatory policies from other countries are all bad consequences of this tax on imports.
What is a tariff?
300
Adam Smith used this metaphor to describe how people pursuing their self-interest in business can surprisingly lead to good results for everyone! Self-interest coordinates incredibly complex interactions without any central planner.
What is the invisible hand?
300
This economist was part of the Austrian school, wrote the Road to Serfdom, and advocated less government intervention in the economy. He thought government actions were responsible for the business cycle.
Who is F.A. Hayek?
300
This fallacy says that destruction is good for the economy because it creates jobs to fix the destruction.
What is the broken window fallacy?
300
This statistic, abbreviated with a 3-letter acronym, attempts to measure the size of the economy by adding up the value of all final goods and services (no used goods).
What is GDP (gross domestic product)?
400
When two countries produce the goods in which they have comparative advantages and trade, are they better off or worse off than they would have been if they had produced everything for themselves and not traded?
What is better off?
400
This president, in office at the beginning of the Great Depression, is said to have “done nothing” to fix the economy when the Depression hit. Supposedly he let the free market work when he should have intervened, but he actually signed laws such as the Smoot-Hawley Tariff that increased government’s role in the economy.
Who is Herbert Hoover?
400
This school of economics emphasized the money supply. They think the government should increase the money supply at a steady rate. Milton Friedman is one of the most famous economists of this school.
What is Monetarism?
400
This random meme about a bird was inserted in the middle of Isaac Morehouse’s presentation.
What is a picture of Nicolas Cage with photoshopped hair and the caption "My hair is a bird. Your argument is invalid."?
400
This man wrote "Economics in One Lesson." His one lesson is that when considering a policy, you have to look at its far-reaching effects on all groups, not just its immediate consequences for one group.
Who is Henry Hazlitt?
500
Bonus question: the situation where imports exceed exports.
What is a trade deficit?
500
This economic philosophy widespread in the 1600s and 1700s was chock-full of fallacies. For example, people who believed this philosophy thought that the amount of wealth in the world was fixed, that imports were good and exports were bad, that colonies were important for a country’s economic well-being, and that gold and silver constituted the wealth of a nation. Adam Smith debunked many of these ideas in his Wealth of Nations.
What is mercantilism?
500
The Austrian school’s term for what happens when businesses are misled into investing because of misleading signals. For example, if the Federal Reserve increased the money supply, interest rates would decrease, encouraging businesses to invest because they thought demand had increased for their product when it hadn’t.
What is malinvestment?
500
This concept says that people have an incentive not to be informed about politics, because it takes too long to become informed and individual votes don’t have any impact on the outcome of an election.
What is rational ignorance?
500
Name one cause of economic growth.
What is technology, increase in human capital, increase in factories and machinery, or another valid cause?
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