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Old 03-27-2015, 05:06 AM   #61
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I think that more competition is needed in the "economic quiz" sector given the quality of either their data gathering/calculations or outreach performance.

I am of course referring tongue-in-cheek to the 44 female respondent statistic.
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Old 03-27-2015, 06:46 AM   #62
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100% here, but I could see how a couple of the questions could have misleading if I overthought them.
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Old 03-27-2015, 07:54 AM   #63
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95% here. Also missed #3. I think the number of women and number of unemployed may be "stuck", since they're still at 45 and 24, or whatever.
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Old 03-27-2015, 08:47 AM   #64
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95% here. I got #12 wrong. I was teetering between whether or not consumers determine who produces goods and services. In the end, isn't it the choice of the producer?
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Old 03-27-2015, 08:48 AM   #65
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100% again! Why was it not like this when it really counted back in 62-66?
Proof that life and experience are good teachers...
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Old 03-27-2015, 09:26 AM   #66
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95% here. I got #12 wrong. I was teetering between whether or not consumers determine who produces goods and services. In the end, isn't it the choice of the producer?
Many questions were a bit awkardly put.

For example: In a strict logic sense, only producers produce, so they choose to produce. On the other hand, if noone buys what a producer produces, he won't produce for very long. So only producers that make what consumers will buy survive. In that sense, only consumers in the end decide what gets produced Unless you have a stubborn producer with really deep pockets ..

But if no producers show up to produce, nothing will get made at all and consumers won't be able to buy anything. So it must be both

Anyway, had to put on my "don't overthink" cap.
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Old 03-27-2015, 09:43 AM   #67
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95% here but I question their opinion of fast food so I think I deserve 100%.
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Old 03-27-2015, 10:09 AM   #68
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95% here but I question their opinion of fast food so I think I deserve 100%.
Same here - 95% and fast food answer doesn't hold true in all cases. Yes, their definition/answer is the classic economics answer - prices will drop and quality will improve. However, I have not found that to be true in all cases in my area.
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Old 03-27-2015, 12:42 PM   #69
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20 out of 20. I think those questions are relatively easy for anyone with a financial background.


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Old 03-27-2015, 12:58 PM   #70
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95% here but I question their opinion of fast food so I think I deserve 100%.
I think the reasoning is:

Fast food restaurant comes in, which is lowest cost and of a certain quality.

Restaurants with same quality as fast food has two choices:
* Match prices
* Improve quality

.. or go bankrupt / work for a pittance.

Assuming they don't go bankrupt and since you can't compete on price with mcd ==> prices go down (eat at mcd), and quality goes up (eat anywhere else).

But again indeed the question is formulated rather badly since the right answer actually begins with "It depends .."
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Old 03-27-2015, 01:01 PM   #71
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I answered "Don't know" on 2 of the 3 I got wrong. I figured if I did not guess and honestly didn't know, I would not be penalized.

I want a recount !!!!
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Old 03-27-2015, 01:50 PM   #72
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95% here. Also missed #3. I think the number of women and number of unemployed may be "stuck", since they're still at 45 and 24, or whatever.
I'm both (female and unemployed) and it won't take my answers... so there you go.
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Old 03-27-2015, 02:58 PM   #73
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But again indeed the question is formulated rather badly since the right answer actually begins with "It depends .."
Ceteris paribis...
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Old 03-27-2015, 04:39 PM   #74
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I "aced" it but still know that Q#1 is wrong. When all the fast food places are desperately trying to hire (high growth) from a limited pool of workers, the quality of worker diminishes and so does the food...

The workers in fast food places EARN every penny they get IMO. If you work their, please dont take my comment as an insult.
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Old 03-27-2015, 05:33 PM   #75
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Devans: yeah I agree. I also think that fast food places pressure local places to drop their prices to compete and that lowers overall quality imo.

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Old 03-27-2015, 08:36 PM   #76
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It's not about fast food! It's about economics and the free market! Jeez. Substitute almost anything else for fast food restaurants, removing the prejudices of those who can't appreciate the qualities of this particular cuisine, and the question's a no brainer.

Seriously, when I was in college we only had one fast food restaurant in town. It was a Ray's, with Richard Petty as the celebrity spokesman. It sucked big time. Over the next 3 years we got such high end establishments as Wiener King, McDonalds, KFC, and Taco Hell. And they each brought in jobs, which were in short supply in the area. The prices were pretty standard, but the service and quality of the food (relative to the limitations of the menu) was better in the ones that became successful.

I went back a few years later and Rays was gone. So was Wiener King, which was a shame IMHO. But others had come in, and things were better. So despite many people's difficulty with the concept of fast food existing side by side with quality and economic success, I've seen it happen with my own eyes.
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Old 03-27-2015, 09:35 PM   #77
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Well, 20/20 here. Pretty basic Econ 101 type questions.
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Old 03-27-2015, 09:46 PM   #78
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It's not about fast food! It's about economics and the free market! Jeez. Substitute almost anything else for fast food restaurants, removing the prejudices of those who can't appreciate the qualities of this particular cuisine, and the question's a no brainer.
...
+1000

It's about what competition does for a marketplace. Maybe it would have been better if they simply said "value" rather than prices & 'quality'.

But then I suppose, someone would say "But I don't like how they market those Value-Meals to kids, with the toys and everything!".

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Old 03-27-2015, 10:02 PM   #79
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95% here. I got #12 wrong. I was teetering between whether or not consumers determine who produces goods and services. In the end, isn't it the choice of the producer?
Me too. 95. I figured consumers act through producers, not directly.
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Old 03-27-2015, 11:38 PM   #80
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In my area, it is B -

1.
A large increase in the number of fast-food restaurants in a community is most likely to result in:
A. Lower prices and higher quality.
B. Lower prices and lower quality people.
C. Higher prices and higher quality.
D. Don't Know
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