econ quiz

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Note: It is recommended that you save your response as you complete each question.

Question 1 (5 points)

Economics is the Study of __________

Question 1 options:

a)	Human behavior under stressful situations

b)	The interaction of people in social situations

c)	Biological systems in the environment

d)	Scarcity of resources or goods

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Question 2 (5 points)

When someone tries to do something that provides the most personal satisfaction, it is called ____________ by economists.

Question 2 options:

a)	Irrational self-interest

b)	Rational self-interest

Greed

d)	Selfishness

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Question 3 (5 points)

Microeconomics is the study of ______, whereas macroeconomics is the study of ________.

Question 3 options:

a)	Small business economics, large business economics

b)	The U.S. economy; the world economy

c)	Small markets; large markets

d)	Economics at the individual level, economics at a national level.

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Question 4 (5 points)

Demand is _________________

Question 4 options:

a)	Purely a function of supply

b)	Not a factor in economics

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 measureable

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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)	Decrease in the cost of medical care.

b)	Availability of high end technology in modern medical services.

c)	Increase in the cost of medical care.

d)	An increase in preferences for herbal medicines among people

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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:

	Income
	Its Price
	Tastes and Trends
	Prices of other goods

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Question 7 (5 points)

An increase in consumer incomes will:

Question 7 options:

	Increase the demand for an inferior good
	Increase the supply of an inferior good
	Increase the demand for a normal good
	Decrease the supply of a normal good

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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:

	You are over-satiated
	Diminishing Marginal cost
	Scarcity of resources
	Diminishing marginal utility

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Question 9 (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 9 options:

	Moral Hazard
	Adverse selection
	Pre-existing condition
	Expected value

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Question 10 (5 points)

What does the demand curve for health care services look like when someone has health insurance coverage?

Question 10 options:

	It is flat.
	It is elastic and downward sloping.
	Inelastic
	It is elastic and upward sloping.

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Question 11 (5 points)

Which of the following is not an element of the economic way of thinking?

Question 11 options:

a)	Use assumptions to simplify complex behavior

b)	Use normative statements

c)	Rational people respond to rational incentives

d)	Thinking at the margin

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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 percent

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Question 13 (10 points)

What is the marginal principle? Provide an example of the marginal principle.

Question 13 options:

Spell check

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Question 14 (10 points)

Question 14 options:

You have a part-time job at the library that pays $10 per hour, 3 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 $30. What is your opportunity cost of taking the ski trip?

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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
	False

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Question 16 (5 points)

Which of the following is the largest component (in dollar value) of healthcare spending in 2014?

Question 16 options:

a)	Physician and clinical services

b)	Prescription Drugs

c)	Hospital Care

d)	Nursing Home and Continuing Care Facilities

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Question 17 (5 points)

Which of the following factors IS NOT a determinant of recent increases in national health expenditures.

Question 17 options:

a)	Lower cost-sharing requirements

b)	Increased percentage of individuals with insurance

c)	Growth in prescription drug expenditures

d)	ACA health coverage expansions

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Question 18 (5 points)

By 2020, which of the following factors is expected to contribute the most to national health expenditures growth relative to GDP?

Question 18 options:

	Lower medical inflation
	Aging of the population
	Lower growth rates in GDP
	ACA coverage expansions

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