Are economic myths shaping your understanding of current events and economic policy? Test your knowledge with the 10-question quiz below to find out. Questions that are most missed will determine future video topics.
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Monopolies are most often created/ sustained by government intervention.
Increased regulation and Federal Reserve actions are usually the cause of the boom-bust (business) cycle.
In a free market, prices of goods will tend to go down over time unless government increases the overall supply of money in circulation.
The abundance of products on store shelves proves that scarcity is no longer a major economic problem in First-World countries.
Government investment in technological research and development speeds up availability of the best products for consumers.
In the free trade or sale of goods, typically both the buyer and the seller benefit
One of the best measures of economic justice within a certain region is the equality of wealth distribution among the people.
In an economic system, inflation is the rise in overall prices and falling overall prices is deflation.
Setting a minimum wage increases the number of unemployed workers.
Government is necessary for a fruitful economy