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Lean Startup Quiz

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Do you use facebook?

Photo of a smartphone with the Facebook application open
Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information super highway. (Credit: Johan Larsson/Flickr)

Decisions ... decisions in the social media age

To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.

And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?

As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.

This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.


In this chapter, you will learn about:

  • What Is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How Economies Can Be Organized: An Overview of Economic Systems

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.

Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

There are no secrets to success.

It the result of preparation, hard work and learning from failure.

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Lean Startup Quiz
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Educational Materials

Sample Questions from the Lean Startup Quiz Quiz

Question: Which of those attributes are favored by the lean startup concepts?


Experimentation and Iteration

Elaborate upfront planing

Customer feedback

Agile development

Waterfall development

Question: What is the "business model canvas"?


A short version of the business plan

A framework to summarize the start-up hypotheses

A 5 years financial forecast for the start-up revenues.

A diagram depicts how the start-up will create value for both the stake holders and the clients

Question: What is the lean startup?


Lean start-up is smaller version of big corporations.

Lean start-up is an organization designed to execute a scalable, repeatable and profitable business model

Lean start-up is a temporary organization designed to search for a scalable, repeatable and profitable business model

All the above

None of the above

Question: What is the "business model"?


Describes the problem and the solution for an organization

Describes how an organization creates, delivers, and captures value

Describes a forecast for income, profits, and cash flow

All the above

None of the above

Question: What are the lean startup key principles?


Business plan, stealth mode development, waterfall development

Business model canvas, customer development, agile development

All the above

None of the above

Question: How to write a "business plan" for a traditional startup?


Describe the size of the opportunity

Identify the problem and the solution

Include a 4 years forecast for income, profits, and cash flow

All the above

None of the above

Question: How a lean startup works?


Write a detailed business plan, operate in stealth, release fully functional prototypes

Test hypotheses, discover early adopting customers, release MVP (minimum viable product)

All the above

None of the above

Question: How a lean startup approaches the customer development activities?


Hire a professional sales team to get as many customers as possible and be profitable from day one

Get out of office and interview potential customers and partners to test the start-up hypotheses

All the above

None of the above

Question: What is the primary task of a startup?


Execute a well established business model

Write an elaborated business plan

Search for a scalable, repeatable and profitable business model

All the above

None of the above

Question: What are the lessons learned from observing startup failures and successes?


Business plans rarely survive the first costumer contact

Forecasting start-up income, profits, and cash flow is in vain.

Start-ups are not smaller versions of big businesses.

All the above

None of the above

Question: How a lean startup reacts to invalidated hypotheses?


Fire the CEO (chef executive officer)

Fire the CFO (chef financial officer)

Pivot to a new set of hypotheses

Ramp up marketing and hire more sales professionals

All the above

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