Saturday, July 5, 2008
A Stand-up Quiz
Stand Up Quiz (feel free to submit answers):
1. Thune makes fun of the expression "kill two birds with one stone" because in fact stones are abundant relative to birds. The expression actually applies to what scarce resource?
2. Thune's lack of internet is an example of what collective action problem? Explain.
3. What has happened to the real price of an Arby's Beef n Cheddar since the deal was first introduced?
4. What else could explain Arby's ability to continue offering the 5 for 5 deal? Provide two.
5. Why is it unlikely that Arby's has been "highballing" for 14 years?
Compared with the totality of knowledge which is continually utilized in the evolution of a dynamic civilization, the difference between the knowledge that the wisest and that which the most ignorant individual can deliberately employ is comparatively insignificant. ~Fredrich Hayek in The Constitution of Liberty