Monday, November 14, 2011

Grade your knowledge of political economics

Regardless of your political identity, you either have a good or poor understanding of economics. If you think you can - correctly answer the following questions:

TRUE/FALSE: Mandatory licensing of professional services increases the prices of those services.

TRUE/FALSE: Overall, our standard of living is higher today than it was 30 years ago.

TRUE/FALSE: Rent control leads to housing shortages.

TRUE/FALSE: A company with the largest market share is a monopoly.

TRUE/FALSE: Third World workers working for American companies overseas are being exploited.

TRUE/FALSE: Free trade leads to unemployment.

TRUE/FALSE: Minimum-wage laws raise unemployment.

(Correct answers will be provided tomorrow)


Anonymous said...

Okay, Alvin---It's now tomorow, so since I took the quiz, I'm awaiting the answers. I'm not an economist, so I probably got them all wrong.---RM

Alvin said...

Thanks RM,
I just posted the answers.