HSPM 412 EXAM 1 (PASSED) QUIZZES WITH
CORRECT ANS!!
Define opportunity cost Answer - The cost of a decision based on the value of
the foregone opportunity.
How does opportunity cost relate to your life Answer - When I am at work that
means that I have to be away from my family, so in working I am giving up
opportunities to play with my children and take them swimming.
Rational behavior Answer - key behavioral assumption in neoclassical
economics. it assumes that decision makers act in a purposeful manner and
that their actions are directed toward achieving an objective.
The continued upward growth in health care costs within the United States
represents one major concern with examining health care markets. T or F
Answer - True
Opportunity cost is a measure of Answer - value based on the alternative not
chosen
Scarcity is defined as Answer - a situation that exists when the amount of a
good or service is in the aggregate exceeds the amount available at a zero
price.
Self-interest is the primary motivator of economic decision makers. T or F
Answer - True
CORRECT ANS!!
Define opportunity cost Answer - The cost of a decision based on the value of
the foregone opportunity.
How does opportunity cost relate to your life Answer - When I am at work that
means that I have to be away from my family, so in working I am giving up
opportunities to play with my children and take them swimming.
Rational behavior Answer - key behavioral assumption in neoclassical
economics. it assumes that decision makers act in a purposeful manner and
that their actions are directed toward achieving an objective.
The continued upward growth in health care costs within the United States
represents one major concern with examining health care markets. T or F
Answer - True
Opportunity cost is a measure of Answer - value based on the alternative not
chosen
Scarcity is defined as Answer - a situation that exists when the amount of a
good or service is in the aggregate exceeds the amount available at a zero
price.
Self-interest is the primary motivator of economic decision makers. T or F
Answer - True
