Question 1

What is the concept of Nash equilibrium?

Accepted Answer

A situation in which all players are using the best available strategy given that they know the strategies of other players

Question 2

What is the concept of cognitive biases?

Accepted Answer

The idea that people are subject to internal and external influences that can affect their decision-making

Question 3

What is the concept of externality?

Accepted Answer

A market failure that arises when private costs differ from social costs

Question 4

What is the concept of absolute poverty?

Accepted Answer

The condition where a person or household has access to basic needs such as food and shelter

Question 5

What is the concept of economic development?

Accepted Answer

The process by which an economy's standard of living increases

Question 6

What is the concept of Pareto optimality?

Accepted Answer

The idea that a change in one person's utility does not affect others' utilities

Question 7

What is the concept of public goods?

Accepted Answer

Goods and services that are non-rivalrous and non-excludable

Question 8

What is the concept of negative externalities?

Accepted Answer

The costs imposed on a third party as a result of an economic activity

Question 9

What is the purpose of a price ceiling?

Accepted Answer

To stabilize prices

Question 10

What is the concept of supply and demand?

Accepted Answer

The idea that labor market equilibrium depends on the interaction between the number of workers and job openings

Social science: Trivia questions with answers