Think you have a handle on how Australia’s economy works? Take the RBA’s quiz and find out

The Reserve Bank says a misunderstanding of how higher rates affect inflation could lead to ‘frustration’. Composite: AAP

Economics is a word we are all familiar with, but knowing is different from understanding.

The Reserve Bank has released its latest public survey of Australians to gauge how much we know about how the economy works and how the RBA’s actions affect things such as inflation, employment and growth.