Here is a list of economic myths from Don Boudreaux. You can view them as a test of your understanding of basic microeconomics.
– prices and wages on markets are simply “set” by businesses;
– steep increases in the prices of fuel and bottle water in the aftermaths of natural disasters are caused simply by “greed,” and that government-imposed prohibitions on such “price gouging” simply make these goods more affordable and accessible;
– rent control obviously makes apartments more affordable;
– a hike in the minimum wage is a simple and obvious way to help all low-skilled workers;
– stricter government safety regulations obviously make people safer;
– imports from low-wage countries obviously reduce average wages in the U.S. or reduce overall employment in the U.S. (or both);
– trading with foreigners is of course economically different than trading with fellow citizens;
– taxes are obviously paid by the individuals and businesses that government makes responsible for paying the taxes;
– of course the chief source of economic strength and growth is consumer spending, and reductions in consumer spending are inevitably harmful;
– the interests of businesses are obviously at odds with those of consumers and workers;
– advocates of laissez faire simply are “pro-business” and (hence) “anti-consumer” and “anti-labor”;
– of course the rich get richer and the poor get poorer;
– government officials’ chief intention, of course, is to improve the well-being of the public;
– the consequences of any action are simply determined by the intentions of the actor.