The Economics of Halloween with Jacob Clifford

The video explores economic concepts through the lens of Halloween activities. It covers the tragedy of the commons with candy bowls, marginal analysis in trick-or-treating, the Laffer curve with a candy tax analogy, and the marginal propensity to consume using candy consumption. It concludes with a discussion on trade and negotiation skills, highlighting the economic principles at play during Halloween.

What economic concept explains why a candy bowl left out for trick-or-treaters is often empty?

• Marginal Utility

• Opportunity Cost

• Tragedy of the Commons

• Supply and Demand

What does marginal analysis help individuals determine?

• The fixed cost of an action

• The total cost of an action

• The additional benefits and costs of an action

• The average cost of an action

According to the Laffer curve, what might happen if tax rates are too high?

• Tax revenue will increase

• Tax revenue will decrease

• Tax revenue will double

• Tax revenue will remain the same

What does the marginal propensity to consume measure?

• The total income of an individual

• The change in spending divided by the change in income

• The total savings of an individual

• The fixed expenses of an individual

What economic principle is illustrated by trading Halloween candy?

• Price Elasticity

• Market Equilibrium

• Consumer Choice Theory

• Supply and Demand