Fight, Fight, Fight!
Richard posted a link to the Federal Reserve Bank of Minneapolis’s multi-guess Economic Literacy Test. Most of it was fairly easy if you know the standard economic textbook viewpoint on capitalism (which allows for a few market failures but is mostly fairly single-minded about the market’s ability to be efficient).
Unlike Richard, though, I only managed 11/13 on the first pass. So in true bad loser style, it’s time to defend myself. I got the right answer second time round on both questions I failed on, and I was dithering over two possible answers on both. One mistake was because of the ambiguous use of the phrase ‘public interest’ in the question (they actually meant: make goods and services people want, I thought of cuddly things like clouds and cars that don’t pollute). The other was to do with high inflation and the money supply - mah, I’ve never understood macroeconomics properly anyway. Plus it was the 12th question and I was getting slapdash…
OK, I’m ignorant. Time to go do some reading.
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