POSSIBLE TEST QUESTIONS FOR JANUS' TEST

By Anonymous -
Explain how the example of the black pearls is an example of the economic concept imprinting or an anchor.

 What is self-herding? Give an example from your own life.

 How does the Ariely chapter on supply and demand fly in the face of traditional economic decision-making? What should we do to correct our irrationality?

 Please give an example of a quantity restriction and explain why they often don't work

 What is a third party payer market? What happens in them?

 Why is the concept of elasticity extremely important if you are running a business?*

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