Quiz Top of Form 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 Save 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 c)  Greed d)  Selfishness Save 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. Save 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 Save 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 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: Income Its Price Tastes and Trends Prices of other goods Save 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 Save 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 Save 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 Save 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. Save Question 11 (5 points) Which of the following is not an element of the economic way o ...

1. Quiz
Top of Form
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
Save
Question 2 (5 points)
When someone tries to do something that provides the most
personal satisfaction, it is called ____________ by economists.
Question 2 options:

2. a)
Irrational self-interest
b)
Rational self-interest
c)
Greed
d)
Selfishness
Save
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)

3. Economics at the individual level, economics at a national level.
Save
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
Save
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.

4. 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
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:
Income
Its Price
Tastes and Trends
Prices of other goods
Save
Question 7 (5 points)
An increase in consumer incomes will:
Question 7 options:
Increase the demand for an inferior good

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

6. Expected value
Save
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.
Save
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

7. d)
Thinking at the margin
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 percent
Save
Question 13 (10 points)
What is the marginal principle? Provide an example of the
marginal principle.
Question 13 options:
Save
Question 14 (10 points)

8. 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?
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
False
Save
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

9. c)
Hospital Care
d)
Nursing Home and Continuing Care Facilities
Save
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
Save
Question 18 (5 points)
By 2020, which of the following factors is expected to

10. 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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