Truth or False
The cost of producing a U.S. penny is more than one cent.
(Truth! – It actually costs about 2.72 cents to make a single penny. The U.S. government is literally losing money making money.)
1. Venezuela’s hyperinflation once made toilet paper more valuable than cash.
2. The phrase “Laissez-faire” was first used in a rap battle between Adam Smith and Karl Marx.
3. At one point, the Dutch valued tulip bulbs more than gold.
(Lie: #2 – As hilarious as that would be, Adam Smith and Karl Marx never faced off in an 18th-century rap battle. But now I kind of wish they had!)
"In a market economy, prices are determined by the forces of ______ and ______."
Supply and Demand
Printing more money will solve a country’s debt problems.
(Fiction! – If that worked, Zimbabwe would be an economic superpower. More money = more inflation. If you could pay off your loans by printing Monopoly money, we’d all be rich.)
Which of these has actually been used as currency in history?
A) Chocolate 🍫
B) Seashells 🐚
C) Cheese 🧀
D) All of the above
(Answer: D – All of the above! People have traded with chocolate in the Aztec Empire, seashells in Africa and Asia, and even cheese in Italy. Imagine paying your rent in cheddar! 🏡🧀)
In 2001, Argentina ran out of cash, so the government encouraged citizens to print their own money.
(Truth! – Due to an economic crisis, provinces printed their own makeshift currencies called “quasi-monies.” Imagine handing someone a “Homemade 5-Peso Bill” for a coffee.)
1. Zimbabwe once printed a 100-trillion-dollar bill.
2. The phrase “Time is Money” was first used by Karl Marx.
3. In 2022, there was a vending machine in New York that accepted Bitcoin for snacks.
(Lie: #2 – The phrase was actually coined by Benjamin Franklin, not Karl Marx!)
"The GDP formula is ______ + ______ + ______ + ______
(Consumption, Investment, Government Spending, Exports – Imports )
Robots are stealing all our jobs!
(Fiction! – While automation replaces some jobs, it also creates new ones. Someone has to design, program, and repair the robots, right? Just don’t tell them about AI... wait, I mean... hi, friendly robot overlords! 😅)
What country has the highest-denomination banknote ever printed?
A) Zimbabwe 🇿🇼
B) Venezuela 🇻🇪
C) Germany 🇩🇪
D) USA 🇺🇸
(Answer: A – Zimbabwe! The country printed a 100 trillion-dollar bill during hyperinflation in 2008. It wasn’t even enough to buy a loaf of bread. Talk about making it rain… worthless money! 💸💸💸)
At one point in history, potatoes were used as currency in France.
(False! – But the French government did trick people into liking potatoes by planting secret “guarded” potato fields to make them seem valuable. People stole them, and suddenly, potatoes became popular. Genius marketing!)
1. The U.S. once printed a $100,000 bill.
2. The Federal Reserve is a privately owned company run by billionaires.
3. A chicken was once used as currency in some parts of the world.
(Lie: #2 – The Federal Reserve is not privately owned by billionaires, but a central banking system with quasi-governmental oversight.)
"An economic system where the government owns and controls major industries is called ______."
Socialism
The U.S. once made a $100,000 bill.
(True! – Yep! It featured Woodrow Wilson and was only used for transactions between Federal Reserve banks. Sorry, you can’t buy a Ferrari with one—unless you have a time machine.)
Which company makes more money from licensing its logo than from selling its actual products?
A) Apple 🍏
B) McDonald’s 🍟
C) Nike 👟
D) Disney 🏰
(Answer: B – McDonald’s! They make more money from real estate and licensing their logo than from selling burgers. Ronald McDonald is basically a real estate mogul in clown shoes! 🍔🏢)
During a hyperinflation crisis, Zimbabwean citizens started using bricks of cash as toilet paper.
(Truth! – Inflation got so bad that Zimbabwe’s money was worth less than actual paper. People needed wheelbarrows full of cash to buy bread, so some just repurposed the money in… creative ways.)
1. There is an island in the Pacific where people still use giant stone disks as currency.
2. At one point, Walmart had a higher GDP than over 150 countries.
3. The IMF once had to issue an emergency loan to McDonald’s to save the Big Mac in 2008.
(Lie: #3 – The IMF doesn’t rescue fast food chains, but Walmart actually does have a GDP bigger than many countries, and Yap Island uses massive stone money!)
"The difference between a country's exports and imports is known as the ______."
Trade Balance
The Great Depression was caused by the stock market crash of 1929.
(Fiction! – While the crash contributed, the real cause was a mix of bad banking policies, trade restrictions, and poor economic responses. Think of it like blaming the Titanic sinking only on the iceberg – a lot of bad decisions were made before the crash!)
Which country once had a currency made of giant stone disks?
A) Japan 🇯🇵
B) Italy 🇮🇹
C) Micronesia 🇫🇲
D) Canada 🇨🇦
(Answer: C – Micronesia! The island of Yap used huge stone disks called Rai stones as currency. Some were so big, they never moved—just “changed ownership.” Imagine paying for coffee with a 2,000-pound coin! ☕💰)
A town in Italy once used cheese as collateral for bank loans.
(Truth! – Yes, banks in Parma accept aging Parmesan cheese wheels as loan collateral. They store them in giant vaults and if you can’t pay your loan, they sell your cheese! Literally, a “cheesy” banking system.)
1. In 2015, a man in Texas legally paid his property tax bill using 5-cent pennies—all $8,000 worth of them.
2. During World War II, the U.S. switched to making wooden pennies to save metal for the war effort.
3. In 2013, North Korea accidentally devalued its own currency by printing banknotes with a spelling error.
(Lie: #2 – While the U.S. did switch to steel pennies during WWII to save copper, they never made wooden pennies… but that would be pretty hilarious!)
"In game theory, a situation where no player can improve their outcome by changing strategy alone is called a ______."
Nash Equilibrium
During hyperinflation, people in Germany used money as wallpaper.
(Confirmed! – In the 1920s, German money became so worthless that people pasted it on walls instead of buying wallpaper. Inflation was so bad that by the time you finished your meal at a restaurant, the price had already gone up! 🏚️📈)
What’s the most valuable company in history (adjusted for inflation)?
A) Amazon 📦
B) Apple 🍏
C) Standard Oil 🛢️
D) The Roman Empire 🏛️
(Answer: C – Standard Oil! In its prime, John D. Rockefeller’s company was worth over $1 trillion in today’s money. He made so much cash, he gave away over half his fortune and still remained the richest man alive. 🛢️💰)