How stupid are you about economics

Murray Rothbard correctly observed that "It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."

With Rothbard's quote in mind, I have devised this simple quiz to test your level of economic ignorance and provide some sources for you to check out.

What is your age?
Under 18 Years Old
18 to 24 Years Old
25 to 30 Years Old
31 to 40 Years Old
41 to 50 Years Old
51 to 60 Years Old
Over 60 Years Old
What is your gender?
Male
Female
1. What do you think should be done about price gouging?
It should be illegal
Let the market work
2. True or False: As a general rule, minimum wage laws lead to unemployment.
True
False
3. True or False: Government mandated licensure of occupations harms consumers.
True
False
4. True or False: Inflation is caused by either greedy businessmen or greedy unions.
True
False
5. True or False: President Herbert Hoover was a laissez-faire capitalist who allowed greedy corporations to run the economy into the ground. FDR saved the economy by regulating businesses and increasing government spending.
True
False
6. True or False: Economist Ludwig von Mises predicted the fall of the Soviet Union 68 years before it happened.
True
False
7. True or False: The current US economic system is _____________ and it has led to the rich getting richer at the expense of the poor.
capitalist
corporatist
8. The best explanation of the business cycle (economic booms followed by economic busts) is:
The Austrian Theory of the Business Cycle
Animal Spirits (mass hysteria among market actors, or other psychological explanations)
I have no idea
9. True or False: Rent controls lead to housing shortages.
True
False
10. True or False: When a disaster happens, there will be an economic boom afterwards, due to the rebuilding, that will leave everyone just a little richer than they were before.
True
False
11. True or False: World War II got us out of the Great Depression.
True
False
12. True or False: Increased spending grows the economy.
True
False

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