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Economics Quiz (from the Minneapolis Fed)

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softwareNerd

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For anyone curious about such a topic:There is a 13-question Economics quiz hosted on the Minneapolis Fed's site.

To go straight to a summary of the quiz, showing all questions and answers, and how many got it "right", skip here.

(HT: Carpe Diem)

Edited by softwareNerd
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Interesting. I actually had the pleasure to visit and get a VIP tour of the Federal Reserve in Minneapolis (VIP meaning: 1. I was able to go into areas most visitors cannot go to. 2. I was able to sit down with one of their top economists, half an hour of him speaking, half an hour Q&A, and 3. Meet the Fed Chairman for the Minneapolis Reserve) as part of a special trip my University economics club took at the end of last year. We also visited the Best Buy Headquarters, also located in Minneapolis, and got a special VIP tour of that, which means essentially seeing 85% of the Headquarters as well as their project room (a best buy store built into a BB store-sized room where they tested layouts, placed new products they were planning on selling in the future, etc.) I have pictures of the latter, you aren't allowed to take pictures inside the first, with the exclusion of the project room, which is no cameras.

However yes, this is an interesting quiz, especially if you compare it to the Austrian one which is of the same length (though there is a more in-depth version also)

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The quiz was from a classical/neo-classical perspective: pro "free-market". It was mostly fine, except that some questions have an undertone of maximizing public welfare as being important. One also has them assuming, incorrectly, that "active competition in the marketplace" is the most essential characteristic of a market economy. The question about the lighthouse reflects a typical lack of imagination. Mostly, the quiz tried to stick to topics that are not too controversial among economists; that made it mostly unobjectionable.

I was glad to see 70% of the answers appeared non-protectionist (70% said both countries gain when they trade). Not so good to see that only 46% got the right answer on the minimum wage question.

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