Game Theory
A paradox where two rational players make self-interested decisions that lead to a less optimal result than if they had cooperated.
WHAT IS THE PRISONER’S DILEMMA?
This board game, first released by the Parker Brothers in 1935, shares its name with a market structure
WHAT IS MONOPOLY?
What is the country with the biggest economy in the world?
WHAT IS UNITED STATES OF AMERICA?
An eighteenth century philosopher who described market forces through the metaphor of the “Invisible Hand”.
WHO IS ADAM SMITH?
This measure serves as an indicator of overall price level changes in an economy, adjusting nominal GDP to reflect changes in purchasing power over time
WHAT IS GDP DEFLATOR?
A set of strategies where no rational player can gain from changing their strategy if the other player maintains their strategy
WHAT IS NASH EQUILIBRIUM?
This famous celebrity was named by Forbes as the youngest “self-made billionaire” in 2019 at the age of 21.
WHO IS KYLIE JENNER?
This lighthearted book authored by Steven Levitt and Stephen Dubner is famous for being an excellent introduction into the world of economics from an outsider’s perspective.
WHAT IS FREAKONOMICS?
?This economist developed a full school of thought (which became named after him) during and following the events of The Great Depression.
WHO IS JOHN MAYNARD KEYNES?
This measure of money supply, which consists of currency, checkable deposits, and traveler's cheques also shares a name with a computer chip used in the iPad, MacBook, and iMac
In the game 'Chicken,' players drive cars toward each other on a narrow road, choosing to swerve or continue straight. With two Nash equilibria: 'Swerve, Straight' and 'Straight, Swerve,' this game stands in stark contrast to what other type of game?
WHAT IS A COORDINATION GAME?
This English-born rock star realized he "couldn't get no satisfaction" studying at the London School of Economics
WHO IS MICK JAGGER?
The federal government’s solution to a shrinking labour force.
WHAT IS IMMIGRATION?
This American economist was famous for his emphasis on Free Markets and monetarism. He would later become an advisor to both Ronald Reagan and Margaret Thatcher.
WHO IS MILTON FRIEDMAN?
A curve that compares the percentile of income to cumulative share of income
WHAT IS THE LORENZ CURVE?
This term describes the strategic communication between players that does not carry any binding commitments or enforceable actions, often used to convey intentions or influence outcomes without changing the underlying payoffs or strategies
WHAT IS CHEAP TALK?
Which two businessmen from the 2012 movie "The Lorax" understand the concept of a monopoly?
WHO ARE THE ONCE-LER AND O’HARE?
This economic concept, prominently featured in discussions about climate change mitigation, refers to the practice of taxing companies for the carbon emissions they produce, with the aim of reducing greenhouse gas emissions and incentivizing cleaner production methods
WHAT IS CARBON PRICING?
This English economist wrote “The Principles of Economics” in 1890, one of the most influential pieces of texts in its time for economics students. He also served as one of the founders of the neoclassical school.
WHO IS ALFRED MARSHALL?
The type of unemployment that results from the nature of changes in business.
WHAT IS STRUCTURAL UNEMPLOYMENT?
In the video game series 'Pokemon,' when the player character selects a Fire, Water, or Grass type Pokemon at the start of the game, the rival invariably chooses the Pokemon with the type advantage against the player's choice. In economic terms, what advantage does the rival possess in this scenario?
WHAT IS SECOND-MOVER ADVANTAGE?
She'll only pay pennies and dimes for a kiss, but her whole soul for a wish. So go the weird economics of what Carly Rae Jepsen hit that anagrams to MY ABLE CAMEL?
WHAT IS CALL ME MAYBE?
In a surprising turn of events in Argentine politics, this Libertarian economist and staunch advocate for free-market principles secured a victory in the 2023 presidential election.
WHO IS JAVIER MILEI?
This luminary of socio-economic theory, born in Trier in 1818, penned 'The German Ideology,' which laid the groundwork for his magnum opus published in 1848.
WHO IS KARL MARX?
This complex economic phenomenon describes the situation where an economy experiences persistently high inflation alongside high unemployment, defying traditional Phillips curve expectations