Naked Economics - Assessment

Naked Economics

Naked Economics

Assessment

Assessment

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Wilda Menzie

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Hard

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66 questions

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1.

Open Ended

30 sec

1 pt

market allocation

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Answer explanation

agreements in which competitors divide markets among themselves. Relates to the idea that communism doesn't have market allocation because everyone is paid the same regardless of how much they sell

2.

Open Ended

30 sec

1 pt

assumption of rational utility-maximize

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Answer explanation

individuals seek to maximize their utility/ make themselves as well off as possible given the resources at their disposal. This explains the disparity between the wants/needs of those living in a 1st world country and those living in a 3rd world country. Not synonymous with acting selfishly. Does not have to be material goods

3.

Open Ended

30 sec

1 pt

opportunity costs

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Answer explanation

the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. For example, choosing between buying a milk tea or not. When buying a milk tea, the opportunity cost is the time saved for not buying a milk tea and the calories you did not gain. Human behavior <-> cost. When the price of something falls, it becomes more attractive

4.

Open Ended

30 sec

1 pt

profit maximization

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Answer explanation

the short run or long run process by which a firm determines the price and output level that returns the greatest profit. Firms are essentially directing resources to their most productive use. For example, Brad Pitt is an actor because that generates the most revenue for his talent and looks rather than being a car salesman which although successful, would create less revenue

5.

Open Ended

30 sec

1 pt

price allocates resources

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Answer explanation

because there is a finite amount of everything, in our system, prices allocate which resources go to who. Most markets are self-correcting due to this

6.

Open Ended

30 sec

1 pt

barriers to entry

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Answer explanation

markets have barriers that prevent new firms from entering. For example, if one wants to start an airline, one could but there are a limited number of gate spaces available at most airports

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