Debate House Prices


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Are you Economically Literate?

Generali
Generali Posts: 36,411 Forumite
10,000 Posts Combo Breaker
in Debate House Prices & the Economy
http://councilforeconed.org/news-information/economic-literacy-quiz/

I got 19/20 and don't agree with their answer to the one I got wrong (Q16). I put B.
«1345

Comments

  • wotsthat
    wotsthat Posts: 11,325 Forumite
    19/20 - I misread Q20!
  • HornetSaver
    HornetSaver Posts: 3,732 Forumite
    1,000 Posts Fourth Anniversary Name Dropper Combo Breaker
    I got 19/20 too.

    I knew the "correct" answer for the one I got wrong (no prizes for guessing which one), but gave the correct answer instead.
  • antrobus
    antrobus Posts: 17,386 Forumite
    This should be no surprise to anybody.:)

    I got 20/20. (Preen, preen)
  • kinger101
    kinger101 Posts: 6,573 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 27 March 2016 at 10:27AM
    20/20 - though might not have got 16 right without having read Generali's comment.

    I think if we contrast the reality of healthcare in the US and UK, B would be correct though.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • uncreative
    uncreative Posts: 384 Forumite
    Chutzpah Haggler Debt-free and Proud!
    edited 27 March 2016 at 10:12AM
    Bah,

    19/20. I got the first one wrong. A significant increase in fast food restaurants will drive down price AND quality in my view. Why would quality go up overall? the price point would result in it being uneconomic for lower prices to support higher quality in the short term. Advertising and other differentiators would surely kick in before the quality would start to eventually rise (and be charged a premium for!)

    Or am I just thinking too short term....???
    Total Credit Used...=........£9,000 / £52,700
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    :starmod:CC cashback for this year..=........£112.88 £205.81 banked in 2015
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  • SingleSue
    SingleSue Posts: 11,718 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If I had gone with my gut it would have been 20 (thanks to Gen), unfortunately, I started over thinking it and ended up with 18!

    Still not bad for someone like me but I could kick myself for the overthinking and then beggering up my original choices.
    We made it! All three boys have graduated, it's been hard work but it shows there is a possibility of a chance of normal (ish) life after a diagnosis (or two) of ASD. It's not been the easiest route but I am so glad I ignored everything and everyone and did my own therapies with them.
    Eldests' EDS diagnosis 4.5.10, mine 13.1.11 eekk - now having fun and games as a wheelchair user.
  • vivatifosi
    vivatifosi Posts: 18,746 Forumite
    Part of the Furniture 10,000 Posts Mortgage-free Glee! PPI Party Pooper
    19 out of 20. I also misread question 20.

    I nearly answered question 12 differently too, due to the reuse, reduce, recycle mantra. Then remembered this is an economics quiz, not an ethics one.
    Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
  • Wednesday2000
    Wednesday2000 Posts: 8,373 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    16 out of 20.
    2025 GOALS
    19/25 classes
    24/100 books



  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    uncreative wrote: »
    Bah,

    19/20. I got the first one wrong. A significant increase in fast food restaurants will drive down price AND quality in my view. Why would quality go up overall? the price point would result in it being uneconomic for lower prices to support higher quality in the short term. Advertising and other differentiators would surely kick in before the quality would start to eventually rise (and be charged a premium for!)

    Or am I just thinking too short term....???

    The argument is that more competition drives up standards and drives down prices.
  • JoeCrystal
    JoeCrystal Posts: 3,342 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Scored 20/20. So yes, it seems that I am economically literate. :) (which is to say, not very much!)
This discussion has been closed.
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