Arts, Culture & Creative Industries: Checkpoint 1

Quick checkpoint - five questions on the creative economy, cost disease, the art market, museums, publishing and fashion.

Question 1 of 5 What does the "nobody knows" property of creative industries mean?

Creators are anonymous It is very hard to predict which creative products will succeed Nobody buys art Prices are secret

Publishers and studios spread bets across many titles.

Question 2 of 5 What does Baumol's cost disease explain?

Why musicians fall ill Why costs of live performance rise faster than other prices when productivity cannot increase Why televisions get more expensive Why art is always cheap

Wages must keep pace with the wider economy even though a quartet still needs four players.

Question 3 of 5 What is the secondary art market?

Selling new art for the first time Reselling artworks through dealers and auction houses Making copies of paintings Government art funding

Galleries selling new works form the primary market.

Question 4 of 5 What happened when UK national museums removed entry charges in 2001?

Visits fell Visits rose substantially Museums closed Nothing changed

Free entry is argued to widen access.

Question 5 of 5 What does it mean for a book to earn out its advance?

The author returns the advance Earned royalties exceed the advance, so further royalties are paid The book goes out of print The publisher goes bankrupt

Many books never earn out their advances.

← Back to Fashion and Fast Fashion Next lesson → India's Handicrafts and Handlooms

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