Econ Quizziz #1- Fall 2023

What activity involved "knowing thyself", a key to economic thinking and reasoning?

• The Pearl Exchange Light

• Stossel both sides

• The World's Smallest Political Quiz

• The Ultimatum Game

What happened when the supply of pearls decreased but the demand for pearls stayed the same?

• price dropped

• quantity supplied went up

• price increased

• nothing

In the Stossel video, "Are We Running Out of Resources?", what was the argument that we are not?

• global warming

• human innovation

• aliens

• but, Mr Goldsmith, we are running out!

The Ultimatum Game is a great economic simulation because it

• studies human behavior with limited resources

• involves money, graphs, and the stock market

• allows for competition

• has a centrally planned leader running the whole system with predactible outcomes

The "Founding Father of Modern Day Economics" is

• Milton Freidman

• Adam Smith

• Lebron James

• Benjamin Franklin

T or F: Economics encompasses math, science, language, psychology and other subjects due to its robust nature of questioning everything and studying human behavior.

• True

• False

• What?

• MJ>LBJ

T or F: Economics is simply about money, graphs, and the stock market.

• True

• False

• Bitcoin!!

• MJ GOAT

Unlimited wants (like 19 bonus points) v. limited resources (you can't have 19 bonus points) is what economic concept?

• marginal analysis

• scarcity

• costs v. benefits

• opportunity cost

In the ultimatum game, what was the responders choice?

• to accept or reject

• how many points to offer

• whether to counter the offer or not

• LeBron v. MJ (the GOAT)

Which is the best example of thinking at the margin in the Ultimatum Game?

• To accept or reject the offer

• To not participate or to participate

• To be or not to be

• to do an 11/9 split or a 12/8 split