Terms and (Economic) Conditions

Terms and Economic Conditions

Economists at the Atlanta Fed scrutinize the labor market for hints of changes, patterns, and anything else that might offer clues about forces shaping the employment sector. This quiz tests your knowledge of the U.S. labor market.

Sources: Question 1; Question 2; Question 3; Question 4; Question 5; Question 6; Question 7; Question 8; Question 9; Question 10

Read more: Atlanta Fed Research Centers

1. Legendary economist Adam Smith famously referred to the "invisible ________" to describe the impact of people's choices and behaviors.
Eye
Hand
Brain
2. Which term describes a general decline in the price of goods and services?
Deflation
Disinflation
3. Which term describes an economic system that exists without outside assistance or trade?
Anarchy
Autarky
Isolationism
4. True or false: Norwegian economist Ragnar Frisch coined the terms "microeconomics" and "macroeconomics."
True
False
5. What is the term often applied to economic thinking that is outside the mainstream?
Heterodox
Unorthodox
6. True or false: The earliest version of the board game Monopoly was developed by a woman who wanted to demonstrate the harmful economic and social effects of monopolies.
True
False
7. What is the term for the application of statistical methods to economic data?
Mathematics
Econometrics
Experimetrics
8. What is the term for a transfer of money by a foreign person to a person in his or her home country?
Cash advance
Remittance
Debit
9. Which school of economic thought is named for an American university?
Berkeley school
Harvard school
Chicago school
10. What economic concept emphasizes the role of national governments in controlling the size of the money supply?
Productivity
Monetarism
Price level