Author Topic: Quiz: How stupid are you about economics?  (Read 601 times)

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Offline Gary G

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The sole purpose of government is to protect your liberty. The Constitution is not to restrict the people, but to restrict government.  Ron Paul

The two enemies of the people are criminals and government, so let us tie the second down with the chains of the constitution so the second will not become the legalized version of the first. - Thomas Jefferson

“Everyone wants to live at the expense of the State. They forget that the State lives at the expense of everyone.” — Frederic Bastiat

Offline magooch

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Re: Quiz: How stupid are you about economics?
« Reply #1 on: December 07, 2011, 04:24:59 AM »
Obviously the questions are far too simplistic to be of any value and it is also obvious that the author is promoting some kind of agenda.
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Offline Singleshotsam

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Re: Quiz: How stupid are you about economics?
« Reply #2 on: December 07, 2011, 06:51:52 AM »
i agree.  I know very little about the theory and practice of Economics and I still scored a 75% by using common sense and logic.
I'm voting 3rd party in this election by writing in Jesus Christ for president.  Sadly even if this were an option most of you would still vote Republican because "It's a two party system."

Offline Matt

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Re: Quiz: How stupid are you about economics?
« Reply #3 on: December 07, 2011, 08:45:15 AM »
You are 92% of the way there!
 

The world needs more people like you. Your score is excellent! Please continue learning, and speaking to people and debating people who want the government to run our lives.
Any fool can know. The point is to understand.”
― Albert Einstein

Offline nw_hunter

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Re: Quiz: How stupid are you about economics?
« Reply #4 on: December 07, 2011, 12:42:30 PM »
75% here
Freedom Of Speech.....Once we lose it, every other freedom will follow.

Offline kevinsmith5

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Quiz: How stupid are you about economics?
« Reply #5 on: December 07, 2011, 12:55:56 PM »
92% but I don't agree with the basic premise of some of the questions. I really just figured out the viewpoint of the person who wrote the questions and answered accordingly. #7 didn't seem to fit the whole line of the rest of the quiz, it's the one I missed, seemed like something a Wall Street Occupier would ask...
If he's carrying a singleshot, don't expect a warning shot!

Offline Gary G

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Re: Quiz: How stupid are you about economics?
« Reply #6 on: December 08, 2011, 04:16:57 PM »
92% but I don't agree with the basic premise of some of the questions. I really just figured out the viewpoint of the person who wrote the questions and answered accordingly. #7 didn't seem to fit the whole line of the rest of the quiz, it's the one I missed, seemed like something a Wall Street Occupier would ask...
#7 We have really not had a capitalist system since 1913. Central control of of the monetary system and of interest rates is not capitalism.


These are simple questions for the masses that are based on the principles of Austrian economics. It is very different than the economics of John Maynard Keynes, which is the brand most favored by governments around the world. If studied, Austrian economics actually makes sense. Keynesianism violates common sense. Who ever heard of heaping debt on top of debt to get out of debt.


I think there is a place on the site where you can actually see what the masters had to say concerning any question.


Mises.org is a site to begin with if interested.
The sole purpose of government is to protect your liberty. The Constitution is not to restrict the people, but to restrict government.  Ron Paul

The two enemies of the people are criminals and government, so let us tie the second down with the chains of the constitution so the second will not become the legalized version of the first. - Thomas Jefferson

“Everyone wants to live at the expense of the State. They forget that the State lives at the expense of everyone.” — Frederic Bastiat

Offline mcwoodduck

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Re: Quiz: How stupid are you about economics?
« Reply #7 on: December 08, 2011, 05:08:25 PM »
I disagree with some of his/ her answers.
Inceased spending does lead to economic growth.  The last stimulius bill only stole money and gave it to Obama donors.
WWII with the English and Soviets wanting arms, clothes, food, trucks, planes, and fuel created jobs to end the depression.
The spending of the Government created jobs to make goods wanted, that created a supply  from wool to steel.  Owners hired people needed to fill the orders.  The spending of the English and later the Americans based on the War bonds.  People taking maney out of their pockets and buying bonds for specific things.  Once the US entered the war, and people had money in their pockets they spent it, creating a whole lot of other industries, that were rationed for the first half of the war.
The works programs FDR started were a stop gap and created a lot of great projects and proof that you need to deficit spend to create jobs.  The problem is the level of deficit spending.  If you ar deficit spending for infrastructure that will create a stronger economy, this is good.  If you are deficit spending to cover your over head there is a problem with your spending.
Think of it like using a credit card.  Buying a car on your credit card that allows you to get a better job, good deficit spending,   Buying groceries and paying rent on the credit card, bad spending.  We are now at the bad spending.  We are spending too much on over head and candy.

Offline Gary G

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Re: Quiz: How stupid are you about economics?
« Reply #8 on: December 08, 2011, 05:35:35 PM »
Quote
Inceased spending does lead to economic growth.  The last stimulius bill only stole money and gave it to Obama donors.


This is another Keynesian fallacy.
 
Economic growth comes from increased production. To increase production capital must be invested in machinery, improved production processes and labor. When the government spends where does the money come from? It comes from the only place it can, the private economy. (The government has no money except what it takes from the people.) That leaves less capital available to increase  production. The economy becomes worse.


Printing money as they did does profit some; the first one to get it, government connected cronies and banks. When the money supply is increased, it makes each unit or dollar worth less, but they get to spend it before it devalues. Much of it becomes invested in a dot.com boom, housing boom, or stocks and commodities. The rest of us have money that is buys less, so it seems to us that only prices are going up. This also hurts savings, and savings when lent by banks becomes capital for businesses. Thus the real economy is hurt and the boom factors eventually collapse because the underlining demand is not there and the artificially created money drys up.


----------------------------------------------------------------
WWII ending the depression is also a fallacy.
It is true that unemployment ended, but all the young men were in foxholes. It was a war time economy where people had to do without things. After WWII, Eisenhower cut government spending in half and soon the economy began to boom. It was because capital that would have been going to the government then went to the private economy.
The sole purpose of government is to protect your liberty. The Constitution is not to restrict the people, but to restrict government.  Ron Paul

The two enemies of the people are criminals and government, so let us tie the second down with the chains of the constitution so the second will not become the legalized version of the first. - Thomas Jefferson

“Everyone wants to live at the expense of the State. They forget that the State lives at the expense of everyone.” — Frederic Bastiat

Offline mcwoodduck

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Re: Quiz: How stupid are you about economics?
« Reply #9 on: December 08, 2011, 06:13:44 PM »
We were comming out of the depression by the time we entered WWII with the attack on Hawaii.  Had the Japanese not attacked we wouldhave been in a boom, and workers were heading into the military and house wives were entering the workforce in factories.
Where the Government spending is needed is where private industry will not place capital.  Interstate highway system, hydro electric  dams, and water treatment plants are deficit spendings that private industry is not going to produce but are needed, create short term jobs and long lasting jobs.
The stimulus bill "shovel ready" and all was not a works program, it was a wealth tranfer.  Nothing was going to be built with that money.  The Interior department, the EPA, the energy department, all were alligned to stop any and all projects.  The economy with capital from companies could bouce us right out of the current depression if they were allowed to open factories, use the natural resources they own, build refineries to make more fuels and energy cheaper.  The problem again is what you are deficit spending for.
If you have grown government so large it need ot borrow money to survive, that is bad and every government job kills three private jobs.  Killing jobs by growing goverment shrinks the tax base and lowers demads, again shringking the economy creating more deficit spending.
We need top get a leader that will free the capitalist machine, we need a tax code that is equal and not punitive.   we need to ignore psyudo science of man made global warming and the economy killing rules and regulations that are generated by an EPA that does not want factories, building, mining, or transportation.

Offline Gary G

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The sole purpose of government is to protect your liberty. The Constitution is not to restrict the people, but to restrict government.  Ron Paul

The two enemies of the people are criminals and government, so let us tie the second down with the chains of the constitution so the second will not become the legalized version of the first. - Thomas Jefferson

“Everyone wants to live at the expense of the State. They forget that the State lives at the expense of everyone.” — Frederic Bastiat

Offline magooch

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Re: Quiz: How stupid are you about economics?
« Reply #11 on: December 09, 2011, 03:52:18 AM »
It's pretty clear that Obamanomics are not from mcwoodduck's book. 
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Offline mcwoodduck

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Re: Quiz: How stupid are you about economics?
« Reply #12 on: December 09, 2011, 01:10:47 PM »
It's pretty clear that Obamanomics are not from mcwoodduck's book.
Haven't we proven that Regan nomics work and create jobs, create a wide tax base, pours more total dollars into Washington.
and Obama Nomics does the exact opposite?
But then again if you eliminate all the rich there can be no poor, so Obama may have something there.