Micro Remix
Your second slice of pizza makes you less happy than your first. This principle describes why.
What is diminishing marginal utility?
The Eras tour tickets sold for crazy prices because demand far exceeded this.
What is supply?
Elle Woods follows her ex to this school in Legally Blonde.
What is Harvard (Law School)?
This three-letter index tracks the price of a basket of everyday goods and is the most common measure of inflation.
What is the CPI (Consumer Price Index)?
This river, the longest in Africa, flows north through Egypt to the Mediterranean.
What is the Nile?
If the price of coffee rises and you switch to tea, tea is this kind of good relative to coffee.
What is a substitute?
Uber charging more at 2am on New Year’s Eve is an example of this pricing strategy.
What is surge (or dynamic) pricing?
Ariana Grande plays this character, who sings “Popular,” in Wicked.
Who is Glinda?
When the Fed wants to stimulate the economy, it does this to interest rates.
What is lower them?
Ulaanbaatar is the capital of this landlocked Asian country sandwiched between Russia and China.
What is Mongolia?
Rent control is a price ceiling set below the market price, which causes this market phenomenon.
What is a shortage?
Student discounts exist because companies charge different groups different prices for the same thing. This practice is called this.
What is price discrimination?
In Mean Girls, what day does Cady say it is to Aaron Samuels?
What is October 3rd?
One dollar of new spending turns into more than a dollar of income as it passes from person to person. This is called this effect.
What is the multiplier effect?
This European country is shaped like a boot and contains the independent city-state of Vatican City.
What is Italy?
If demand is elastic and a company raises its price, total revenue moves in this direction.
What is decrease (or fall)?
The person in a group project who does nothing and still gets the same grade is this kind of economic problem.
What is a free rider?
She directed 2023’s Barbie.
Who is Greta Gerwig?
This unpleasant combo means high inflation and high unemployment at the same time.
What is stagflation?
This mountain range, home to Mont Blanc, stretches across France, Switzerland, and Italy.
What are the Alps?
In a prisoner’s dilemma, a strategy that is each player’s best move no matter what the other does is called this.
What is a dominant strategy?
A shared resource, like a pasture or fishery, gets overused because no individual bears the full cost. This classic problem has this name.
What is the tragedy of the commons?
This artist is the first in history to win Album of the Year 4 times.
Who is Taylor Swift?
Lehman Brothers went bankrupt, the housing bubble burst, and the government bailed out banks and AIG. This event, which kicked off a global recession, is known by this year and name.
What is the 2008 financial crisis?
Kilimanjaro, the tallest mountain in Africa, is located in this country.
What is Tanzania?