Austro-Monk Austro-Quiz
Austro-Monk Quiz: Test Your Economic Knowledge
Welcome to the Austro-Monk Quiz, a challenging assessment designed to test your understanding of Austrian economics. Dive deep into the principles laid out by economists like Menger, Mises, and Hayek as you tackle questions that span various fundamental concepts.
- Evaluate your grasp on praxeology and marginal utility.
- Discover the nuances of economic calculation and entrepreneurship.
- Engage with key historical figures and their contributions to economic thought.
Praxeology is...
A field within economics
The science of human action
Deriving economic theory based on "Homo Economicus"
A word coined by Ludwig von Mises
That action takes place across time is...
An implication of the action axiom
An arbitrary dimension to analysis
A broad empirical supplementary observation to make the analysis interesting
An imaginary construct
Marginal utility is…
The change in total utility from an infinitesimal change in a consumer’s consumption of a particular good
Completely irrelevant to Austrian economics
The total change in a consumer’s consumption of a particular good to result in an infinitesimal change in total utility
The total utility of the marginal unit
Economic calculation is...
Rejected by Austrian economists, who prefer the logical deductive method
The ability to determine the level of decentralization in an economy
The ability to use sound money to do meaningful profit and loss arithmetic
Using a trial-and-error method to economize production
Bastiat wrote a satirical defense of this industry to lampoon protectionist arguments.
Cobbler/shoes
Window repair
Candles
Retail
Which economist was not a part of the Marginalist Revolution?
William Stanley Jevons
Carl Menger
Leon Walras
Jean-Baptiste Say
Who coined the term "marginal utility"?
Carl Menger
Friedrich von Wieser
Joseph Schumpeter
Wilhelm Röpke
What is the difference between a money certificate and fiduciary media?
One is issued by government and the other is produced by the unhampered market
One is backed by reserves and the other is not
One originates via consumer loans and the other via producer loans
One is only possible under a commodity money standard like gold and the other is only possible under a fiat money standard like the US dollar post-1971
Which of the following is not true about the ERE?
The only remaining price spread between stages of production is attributable to interest.
Production is fully capitalized.
The rate of profit has equalized with the rate of interest.
There is no money.
The fundamental problem with socialism is...
An incentive problem.
A knowledge problem.
A practical problem.
A calculation problem.
Which of the following best characterizes entrepreneurship?
Alertness to profit opportunities
Bearing Knightian uncertainty
Creative destruction
A multiplier in a production function
Whose contributions to economic thought were not reviewed favorably by Rothbard?
Juan de Mariana
Richard Cantillon
A.R.J. Turgot
Adam Smith
Which of the following is not included in the True Money Supply as developed by Murray Rothbard and Joseph Salerno?
Demand deposits
US Treasury deposits held by Federal Reserve banks
Traveler’s checks
Paper cash
The market process is best characterized as
Price coordination
Plan coordination
Knowledge dissemination
Moving between perfect competition and pure monopoly
Carl Menger dedicated his Principles of Economics to this person:
Wilhelm Roscher, the leading representative of the Historical School
John Stuart Mill, the leading representative of British classical economics
Karl Marx, the leading representative of the Satanist school
His Majesty Franz Joseph, Emperor of Austria, Apostolic King of Hungary, etc. etc.
Systemic malinvestment and overconsumption is caused by
Any increase in the money supply
An increase in the supply of money in excess of money demand
An increase in fiduciary media via credit markets
Any increase in fiat money
The regression theorem explains...
The value of money today
How to find the quantitative effect of one variable on another
How an economy contracts due to excessive government intervention
The shape of the yield curve
The Austrian view of probability is...
That it’s a fallacious concept of mathematical economics
That there are two types: case and class probability
That there is really only one type: risk
Irrelevant for human action
Which of the following is a higher-order good?
A ham sandwich
Air
Time
A tractor
Which of the following is not a necessary result of a decrease in the social rate of time preference?
More roundabout production processes
A decrease in consumption
Sustainable economic growth
A decrease in employment
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