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Demand is _________________
Question 1 options:
a)
Not measureable
b)
Purely a function of supply
c)
The amount of a good or service that people want to buy at a certain price for a given period of time.
d)
Not a factor in economicsSave
Question 2 (5 points)Economics is the Study of __________
Question 2 options:
a)
Scarcity of resources or goods
b)
The interaction of people in social situations
c)
Biological systems in the environment
d)
Human behavior under stressful situationsSave
Question 3 (5 points)Microeconomics is the study of ______, whereas macroeconomics is the study of ________.
Question 3 options:
a)
The U.S. economy; the world economy
b)
Economics at the individual level, economics at a national level.
c)
Small markets; large markets
d)
Small business economics, large business economicsSave
Question 4 (5 points)An increase in consumer incomes will:
Question 4 options:
a)
Increase the demand for an inferior good
b)
Increase the supply of an inferior good
c)
Decrease the supply of a normal good
d)
Increase the demand for a normal goodSave
Question 5 (5 points)Which of the following can increase the price of medical care even if the demand for medical care remains constant?
Question 5 options:
a)
An increase in preferences for herbal medicines among people
b)
Increase the cost of medical care which shifts the supply curve.
c)
Availability of high end technology in modern medical services.
d)
Decrease in the cost of medical care.Save
Question 6 (5 points)Which of the following factors DOES NOT lead to a shift in the demand curve for a particular product?
Question 6 options:
Its Price
Prices of other goods
Income
Tastes and TrendsSave
Question 7 (5 points)When someone tries to do something that provides the most personal satisfaction, it is called ____________ by economists.
Question 7 options:
a)
Selfishness
b)
Irrational self-interest
c)
Greed
d)
Rational self-interestSave
Question 8 (5 points)What is the economic term when you consume a good up to a point when you no longer enjoy consuming it – such as eating too much ice cream?
Question 8 options:
a)
Diminishing Marginal cost
b)
Scarcity of resources
c)
You are over-satiated
d)
Diminishing marginal utilitySave
Question 9 (5 points)Which of the following is not an element of the economic way of thinking?
Question 9 options:
a)
Thinking at the margin
b)
Rational people respond to rational incentives
c)
Use normative statements
d)
Use assumptions to simplify complex behaviorSave
Question 10 (5 points)When lower risk individuals opt-out of health insurance coverage and higher-risk individuals choose to purchase insurance, what is this called?
Question 10 options:
a)
Pre-existing condition
b)
Expected value
c)
Adverse selection
d)
Moral HazardSave
Question 11 (5 points)What does the demand curve for health care services look like when someone has health insurance coverage?
Question 11 options:
a)
Inelastic
b)
It is elastic and upward sloping.
c)
It is flat.
d)
It is elastic and downward sloping.Save
Question 12 (5 points)If the demand for bandages is relatively elastic, a 10 percent decline in the price of bandages will:
Question 12 options:
a)
Decrease the amount demanded by more than 10 percent
b)
Increase the amount demanded by more than 10 percent
c)
Decrease the amount demanded by less than 10 percent
d)
Increase the amount demanded by less than 10 percentSave
Question 13 (10 points)What is the marginal principle? Provide an example of the marginal principle.
Question 13 options:Save
Question 14 (10 points)Question 14 options: You have a part-time job at the library that pays $10 per hour, 4 hours per day on Saturdays and Sundays. Some friends want you to join them on a weekend ski trip leaving Friday night and returning Monday morning. They estimate your share of the gas, motel, lift tickets, and other expenses to be around $50. What is your total cost (considering opportunity cost) of taking the ski trip?Save
Question 15 (5 points)An advance in health care technology that lowers the cost of providing health care will shift he demand curve to right.
Question 15 options:
True
FalseSave
Question 16 (5 points)By 2025, which of the following factors is expected to contribute the most to national health expenditures growth relative to GDP?
Question 16 options:
a)
Lower growth rates in GDP
b)
Lower medical inflation
c)
Aging of the population
d)
ACA coverage expansionsSave
Question 17 (5 points)Which of the following is the largest component (in dollar value) of healthcare spending in 2014?
Question 17 options:
a)
Prescription Drugs
b)
Nursing Home and Continuing Care Facilities
c)
Physician and clinical services
d)
Hospital CareSave
Question 18 (5 points)Which of the following factors IS NOT a determinant of recent increases in national health expenditures.
Question 18 options:
a)
Increased percentage of individuals with insurance
b)
Growth in prescription drug expenditures
c)

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