The Million Dollar Question

Welcome back. You guys ready? Here we go, Dee. We got you. Well, first, let's do some introductions. Let's welcome our guest, who's actually going to turn into our game show host. So talking about putting Americans' financial knowledge to the test, there's a million-dollar prize on the line. Daphne is here to test us with a few questions, but before we do that, Daphne, explain who you're with and why you guys are giving away a million dollars, and how does somebody win it? Absolutely. Well, good morning, everyone, and this is the Foundation for Economic Education. We are driving the affordability conversation. We all know that prices have gone up immensely in the last few years, and we want to make sure that people understand what's really behind the affordability crisis. So everyone at home can go to milliondollarquestion.org and take our 10-question quiz. It takes about three minutes, and the winner of that sweepstakes can go to Atlanta for a few days and film a game show, and then that winner takes home $1 million. Mm, very nice. So you're going to quiz us, and we're going to take this quiz, and we're going to learn a few things from you as we figure out if we know the answers. Does that sound good? I believe so. That sounds good. There's the website there. Milliondollarquestion.org is the website. And back home, you guys can also take it. Go to milliondollarquestion.org. We're going to give you a few answers of the actual quiz, because we're not really trying to test economic knowledge. What we're trying to do is make sure people understand and learn about affordability, right? And so, go to milliondollarquestion.org. This is your moment. We're giving you live some answers to that actual quiz, and... In other words, you can cheat right now. It's not really cheating, right? Because it's, you know, we're not trying to test whether or not you're an economist, you're a professional economist. We're trying to make sure that you really understand what's behind this issue. So, the first question is, what is the average profit margin of... So, we have... Oh, you have a different question. Yeah. Okay. So, that's even better and easier for the audience. How much has the average price of a home in the United States increased since the year 2000? And you have three options, about 25%, about 100%, and more than 200%. Feels like more than 1,000%. All right. Exactly. I guess B. Let's see. I guess C. C. All right. So, the correct answer is C. It's about 200%. Of course, it's gonna depend on the indexes that you select and you analyze this through. But one of the things that one of you mentioned is, it feels like... More than 1,000%. And the reason is because wages are not, you know, increasing at the same speed. We've not got a 200% increase. A 200% raise? That's one of the reasons why we're seeing this affordability crisis. Good job, fellas. Yes. I wish I was wrong, D.C. Yes. I do wanna say one of the questions that we actually have on the milliondollarquestion.org website is about the average profit margin that grocery stores have. So, what do you guys think? I'm not gonna give you options for this one. So, just write on your whiteboard. Profit margin? Profit margin for grocery stores. Since when? 2000? In general. In general? Yes. Profit margin? Let's say today. But you want a percentage? Yes. Percentage. Is this 10%? 70? 70. Again. All right. What do you guys have? I'm gonna say less than 10%. 100%. Yeah. So, here's the cool thing. It's actually between 1% and 2%. Oh. So, that means that for every dollar you spend on the grocery store, your profit is only 1 to 2 cents. Yeah. And that's what really is quite impressive with this economics behind everyday life. So, you know, you're gonna get to learn so many cool things while you're doing the quiz. Make sure you visit milliondollarquestion.org. And, hey, you might win $1 million. So, oh, there's another question right here. Yeah. We have a whole bunch of questions. Yeah. How much of your paycheck typically... Ah, okay. Oh, this one is a cool one. Okay. This one is not on the quiz, but this one is a cool, interesting one. It says, what percentage of Americans say they would struggle to cover a $1,000 emergency expense? So, we have about 10%, about 35%, about 75%. You hear the phrase paycheck to paycheck. Unfortunately. Yeah. C. So, the correct answer is actually B. Oh, okay. Again, it really depends on the indexes, on the indexes where you analyze your data. But it's between 30% and 50% of the population say they can't, you know, afford a $1,000 extra expense. Happy to be wrong. Yes. So, you know, it's really... This affordability crisis that we're seeing in the United States is something that we really wanna make sure that Americans understand. Because if they don't, we're gonna tackle the wrong problems. And for us at the Foundation for Economic Education, what we wanna make sure is that people understand that prices are information. And it's information about how many goods we have available in the economy. So, prices are basically information in the relationship between supply and demand. And what's really causing this affordability crisis for many of the areas, healthcare, education, childcare, it's really supply. We don't have enough goods to satisfy the demand. And that's basically restrictions. So many regulations that we have on building apartments or... Happening right now at the cattle industry. Exactly. Beef is going through the roof. The number of cattle we have is just not there. Yes, exactly. So, make sure you visit milliondollarquestion.org. You're gonna get a chance to participate in our quiz. It's 10 questions. It takes about three minutes. And one of the winners will take home $1 million. So, thank you so much for having us. Thank you. We put a link on our website, fox2detroit.com. Thank you. That was fun. Thank you so much. And eye-opening. Very eye-opening. Derek.