HSPM 412 Exam 1 Questions with Correct Answers| Latest Update Guaranteed Success
Understanding health economics is vital because ______. governments around the world
(including in the United States) are deeply involved in financing health care systems
health is a major source of uncertainty and risk
the health care economy is massive and expensive
In 2008, one out of every [A] dollars spent in America was spent on health care. six
The economics of health and health care is different from the economics at work in other,
smaller markets because ______. the demand for health care is highly uncertain
health insurance is ubiquitous (very common)
health is contagious
Economics is the study of the allocation of _____ to satisfy ______. limited resources;
unlimited wants
Combinations of goods (birds, crabs) beyond the frontier are _______. unattainable
Which of the following statements about indifference curves is (are) FALSE? When
comparing bundles of goods that lie on the same indifference curve we say the consumer has
no preference for one over another.
A set of indifference curves can be used to summarize and represent consumer preferences.
, Correct-->
A set of Indifference curves shows the maximum possible output combinations of two goods or
services an economy can achieve when all resources are fully and efficiently employed.
Typical indifference curves are downward sloping and bowed toward the origin.
Production possibilities frontier (PPF) shows the maximum possible output combinations of
two goods or services an economy can achieve when all resources are fully and efficiently
employed.
Indifference curves (IC) summarize and represent consumer preferences, identifying
(connecting) every possible combination of goods that give the consumer the same amount of
satisfaction.
The terms "demand" and "supply" refer to the behavior of people as they interact with one
another in a market: [A] represents the behavior of buyers and [B] represents the behavior of
sellers. A--demand
B--supply
Summers in Columbia are (famously?) HOT. During a heat wave, we expect that the demand for
lemonade will ______. increase (the demand curve will shift outward)
Peanut butter and Jelly are typically consumed ______ and as such are though of as ______
goods. TOGETHER; complement
A peanut shortage causes the price of peanuts - along with the price of peanut butter - to
increase by 40%. As a result, we expect demand for jelly to ______ . decrease (the demand
curve will shift inward)
Understanding health economics is vital because ______. governments around the world
(including in the United States) are deeply involved in financing health care systems
health is a major source of uncertainty and risk
the health care economy is massive and expensive
In 2008, one out of every [A] dollars spent in America was spent on health care. six
The economics of health and health care is different from the economics at work in other,
smaller markets because ______. the demand for health care is highly uncertain
health insurance is ubiquitous (very common)
health is contagious
Economics is the study of the allocation of _____ to satisfy ______. limited resources;
unlimited wants
Combinations of goods (birds, crabs) beyond the frontier are _______. unattainable
Which of the following statements about indifference curves is (are) FALSE? When
comparing bundles of goods that lie on the same indifference curve we say the consumer has
no preference for one over another.
A set of indifference curves can be used to summarize and represent consumer preferences.
, Correct-->
A set of Indifference curves shows the maximum possible output combinations of two goods or
services an economy can achieve when all resources are fully and efficiently employed.
Typical indifference curves are downward sloping and bowed toward the origin.
Production possibilities frontier (PPF) shows the maximum possible output combinations of
two goods or services an economy can achieve when all resources are fully and efficiently
employed.
Indifference curves (IC) summarize and represent consumer preferences, identifying
(connecting) every possible combination of goods that give the consumer the same amount of
satisfaction.
The terms "demand" and "supply" refer to the behavior of people as they interact with one
another in a market: [A] represents the behavior of buyers and [B] represents the behavior of
sellers. A--demand
B--supply
Summers in Columbia are (famously?) HOT. During a heat wave, we expect that the demand for
lemonade will ______. increase (the demand curve will shift outward)
Peanut butter and Jelly are typically consumed ______ and as such are though of as ______
goods. TOGETHER; complement
A peanut shortage causes the price of peanuts - along with the price of peanut butter - to
increase by 40%. As a result, we expect demand for jelly to ______ . decrease (the demand
curve will shift inward)
