Fundamentals × Economics: A Quiz

Fundamentals × Economics: A Quiz
Martin Hostettler 16. Juli 2026Ökonomik, Unterhaltung Comments (1)

The Carnot-Cournot Network’s mission is to bridge the social sciences with the engineering and natural sciences — no simple undertaking, given the increasing specialization and fragmentation of all scientific disciplines. We have therefore developed a quiz with 20 questions for you that tests your economic thinking on some key points. The complete quiz, including answers and explanations, is also available for download. Enjoy the summer and take our quiz!

Before we start …

Who are you?

 
 
 
 
 
 

Q1 Billie Eilish or Taylor Swift?

You won a free ticket to see a Billie Eilish concert (which is personal and has no resale value). Taylor Swift is performing on the same night and is your next-best alternative activity. Tickets to see Taylor Swift are super cheap and cost 40 USD. On any given day, you would be willing to pay up to 50 USD to see Taylor Swift. Assume there are no other costs of seeing either performer. Based on this information, what is the opportunity cost of seeing Billie?

 
 
 
 
 

Q2 Growth

In a market society … is the fundamental process for long term development of the society and the economy.

 
 
 
 

Q3 Exchange

It takes Mary one day to produce 100 table candles or 50 tealight candles. It takes Bob one day to produce 20 table candles or 20 tealight candles. Bob is a business partner of Mary. He …

 
 
 

Q4 Strategic Trade

Germany and Sweden have similar wages, climates and technologies — yet Germany ships BMWs to Sweden while Sweden ships Volvos to Germany. And virtually all large passenger aircraft come from just two places, Seattle and Toulouse: early factories happened to be there, and increasing returns locked the pattern in. What follows for trade policy?

 
 
 
 
 

Q5 Trade Statistics

In the 1780s, under the Articles of Confederation, American states taxed each other’s commerce: New York levied duties on firewood from Connecticut and cabbages from New Jersey — a statistician could have computed New York’s «trade deficit» with New Jersey. The Constitution ended these internal tariffs; today nobody knows whether Texas runs a deficit with Ohio, and nobody cares. Meanwhile, politicians warn that the nation’s trade deficit with China proves «we are losing» and demand tariffs. What does the economic way of thinking say?

 
 
 
 
 

Q6 All You Can Eat

On Tuesdays Fat Jack likes to hit the Giuseppe’s Pizza Place on Main Street. One large pizza slice costs 5 USD, soft drinks are free of charge. After paying 22 USD for all you can eat pizza, he stays for more than one hour and eats as many as 6 pizza slices. After dinner Fat Jack goes home and throws the pizza slices up because he ate at least two slices too much. What would an economically rational all you can eat behavior look like?

 
 
 
 
 

Q7 Economics

Economics is mainly …

 
 
 
 

Q8 Prices

Market prices …

 
 
 
 
 
 

Q9 Allocation

Which of the following procedures is not a social allocation and distribution process?

 
 
 
 
 
 
 

Q10 Value

Economic value is …

 
 
 
 
 
 

Q11 Marginal Thinking

Deirdre is thinking and deciding at the margin means …

 
 
 
 
 

Q12 Market Failures

When markets fail, …

 
 
 
 
 
 

Q13 Externalities

Kamala buys a house right next to a long-established airport — at 25% below the price of otherwise identical houses in quiet neighborhoods. After moving in, she petitions the city to impose a noise tax on the airlines. The aircraft noise is …

 
 
 
 
 

Q14 Profits

After a firm has paid all its inputs — including interest on the owners’ capital and a market wage for the managers’ work — sometimes something is left over, sometimes something is missing. What are these profits (and losses)?

 
 
 
 
 
 

Q15 Profit Maximization

Thousands of drivers leave Chicago at the same time, picking their highways at random — nobody knows which roads have gasoline stations. Tanks run dry; only those who happened to choose a road with stations are still driving. A business magazine celebrates them: «visionary route planners who maximized their range.» What does the drivers’ survival actually prove?

 
 
 
 
 

Q16 Property Rights

Today Zohran Mamdani, the Mayor of New York City, credibly announces a permanent rent cap that will cut the rental income of all apartment buildings by 20% — starting in five years. Armen owns such a building today. Three years from now (two years before the cap takes effect) he sells it to Harold. Who bears the burden of the regulation?

 
 
 
 
 
 

Q17 Rent

A journalist writes: «A Manhattan at a bar in Manhattan costs 24 USD because rents are sky-high. Cap those rents, and cocktails will get cheaper.» This reasoning is …

 
 
 
 
 

Q18 Efficiency

At a conference about renewable energy, five participants define efficiency. Whose definition is correct?

 
 
 
 
 

Q19 Dispositions

Three economists stand at the same congested downtown intersection. The first economist says: «Congestion is real, but internalizing it would cost more than it’s worth — leave it alone.» The second economist says: «This is a Pareto-relevant externality, but give entrepreneurs time: navigation apps, ride sharing and private toll roads will sort it out.» The third economist says: «Pareto-relevant indeed, and only a government congestion charge can fix it.» Their disagreement …

 
 
 
 
 

Q20 Tobacco Taxes

Australia levies the world’s highest tobacco taxes: a pack of cigarettes costs 35–40 USD, a single Cuban Partagas D4 cigar 65 USD. «Smokers will grumble and pay — addicts always do,» says the treasurer, expecting stable revenue. What do you think has the policy actually achieved?

 
 
 
 
 

Vielen Dank für das Teilen und Verbreiten dieses Artikels!
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1 thought on “Fundamentals × Economics: A Quiz”

  1. Merci Martin (Tinu) für das prima Quiz. Ich hatte auf die Schnelle einige Fehler – man muss schon sehr genau lesen, um diese zu vermeiden. Es wäre toll, wenn du nach einiger Zeit nicht nur die Lösungen, sondern auch noch die nötigen Erklärungen dazu posten würdest.

    Reply

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