1. Whatisyourunderstandingof calculatedrisk?
2. Whatisamonopsony?Giveanexample/case.
3. Whatisamarketfailure?Giveanexample.
4. TrueorFalse
   1. A perfectly competitive market consists of products that are all slightly differentfrom each other.
   2. Ifapplesandorangesaresubstitutes,anincreaseinthepriceofappleswill decrease the demand for oranges.
   3. Ifgolf clubs andgolf balls arecomplements,anincrease inthepriceofgold clubs will decrease the demand for golf balls.
   4. Ifconsumersexpect thepriceofshoestorise,therewillbeanincrease inthe demand for shoes today.
   5. Anincreaseintheprice of steelwillshiftthesupply ofautomobilesoftheright.
   6. Whentheprice ofagoodisbelow theequilibriumprice, itcausesasurplus.
   7. Themarketsupplycurveisthehorizontalsummationoftheindividualsupply curves.
   8. An advance in thetechnologyemployed to manufacture Rollerblades willresult in a decrease in the equilibrium price and an increase in the equilibrium quantity in the market for Rollerblades.
   9. The law of demand states that an increase in the price of a good decreases the demand for that good.
5. Contrary to common belief, it is not in the United States of America or the United Kingdom that create the highest number of rich people per capita. In the reference video in 2016, you get more acquainted with an alternative to free markets.
   1. Inwhichdemocracieshavethehighestnumberofrichpeoplepercapita?
   2. Accordingtothevideo,whatarethefactorsthatmakeabetterenvironmentforthe people who wants to earn huge amounts of money?