Continuity mistake: When Morty is giving Jerry directions to the scuba diving site, The Pen alternates between being in Morty's hand and on the table between shots.
Revealing mistake: While Jack is leaving The Apartment after giving Jerry The Pen, you can see they have put a fake background outside the front door. What's more it is not even that realistic. It looks like a forest with a river in the middle. The Seinfeld's Florida apartment is situated amongst many other apartments around it.
Answer: Composer Jonathan Wolff used a synthesizer, although in seasons 7-9, a real bass is used in addition. Wolff also recorded himself making hundreds of mouth noises, pops, and slaps to add to the synthesized bass licks so that each episode has a different theme. The only real "back-story" is Jerry Seinfeld was having trouble coming up with a theme song and talked to a friend who happened to know Wolff. They wanted to avoid that cheesy late 80's sit-com theme song and Wolff came up with what we enjoy now. Jonathan Wolff has also talked about this further in interviews, recently Reed Dunela interviewed him, so for a fuller account of his story; check out "The Wolff of 116th street".
Bishop73