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Practice Questions

What I Learned from Hayek Practice Questions

What is the central theme of Hayek’s essays in Individualism and Economic Order? *

a. The role of knowledge in economic calculation

b. The importance of planning in the allocation of resources

c. How an economy works best when the right people are in charge

According to Hayek, knowledge is best discovered through ____________. *

a. Aggregation

b. Competition

c. Computation

Why is it wrong to think of knowledge as simply another variable that we can stick into a model? *

a. We can only think of knowledge as a dependent variable

b. Models can’t tell us anything useful

c. It is dispersed and unable to be aggregated

According to Hayek, a key function of knowledge in economics is to: *

a. Shape the questions we ask

b. Allow planners to direct resources

c. Serve as an input in modeling processes

Why do pursuits like the economics of information and game theory fail to adequately characterize knowledge in Hayek’s view? *

a. They don’t incorporate knowledge into their models

b. They think all knowledge is dispersed and contextual

c. They think it is an assumption that can be stuck into a model

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Great Economists Classical Economics and Its Forerunners

Course (112 videos)

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