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MHA 710 - Healthcare Economics - Exam 1 (Part 1 - Ch. 1 & 2) questions and answers guaranteed pass 2024/2025 $12.99
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MHA 710 - Healthcare Economics - Exam 1 (Part 1 - Ch. 1 & 2) questions and answers guaranteed pass 2024/2025
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MHA 710 - Healthcare Economics - Exam 1 (Part 1 - Ch. 1 & 2) questions and answers guaranteed pass 2024/2025

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  • May 14, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mha 710
  • economics is best defined as the study of how to r
  • you can stay home and study to do well on your exa
  • certain employees are eligible for unemployment co

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MHA 710 - Healthcare Economics - Exam
1 (Part 1 - Ch. 1 & 2)

Economics is best defined as the study of how to run a business most profitably. True or False. -
ANSFalse

Exhaust from a factory that increases health risks for people living near the factory is an
example of an externality. True or False. - ANSTrue

In 2008 and 2009, the U.S. economy experienced a deep economic downturn. If there is a
short-run trade-off between inflation and unemployment, to combat the high unemployment,
President Obama should have pursued an inflationary policy such as a stimulus package of
reduced taxes and increased government spending. True or False. - ANSTrue

A society faces many decisions, but a household does not. True or False. - ANSFalse

Public policies aimed at increasing the size of the economic pie also lead to a higher degree of
equality. True or False. - ANSFalse

You can stay home and study to do well on your exam or you can go to the movies with your
friends, but not both. This example illustrates:
A. Scarcity and tradeoffs
B. Scarcity but not tradeoffs
C. Tradeoffs but not scarcity
D. Neither tradeoffs nor scarcity - ANSA. Scarcity and tradeoffs

Your opportunity cost of going to a Maroon 5 concert during your Spring Break is:
A. Zero, because Maroon 5 is your favorite
B. The price of the concert ticket
C. The price of the concert ticket plus the cost of any beverages you buy at the concert
D. The price of the concert ticket, plus the cost of any beverages you buy at the concert, and the
value of your time - ANSD. The price of the concert ticket, plus the cost of any beverages you
buy at the concert, and the value of your time

Certain employees are eligible for unemployment compensation if they lose their jobs through
no fault of their own. If Jim, a factory worker, will receive compensation of half his regular pay for
52 weeks while he looks for a job, then:
A. The unemployment compensation most likely raises Jim's incentive to save while he is
working. Unemployment compensation most likely increases Jim's efforts to find a new job.

, B. The unemployment compensation most likely raises Jim's incentive to save while he is
working. Unemployment compensation most likely decreases Jim's efforts to find a new job.
C. The unemployment compensation most likely lowers Jim's incentive to save while he is
working. Unemployment compensation most likely increases Jim's efforts to find a new job.
D. The unemployment compensation most likely lowers Jim's incentive to save while he is
working. Unemployment compensation most likely decreases Jim's efforts - ANSD. The
unemployment compensation most likely lowers Jim's incentive to save while he is working.
Unemployment compensation most likely decreases Jim's efforts to find a new job.

Micah has spent $30 for a taxi ride to attend a Colts game. When he arrives at the stadium, he
discovers that he left his ticket at home. He doesn't have time to return home to get it. He paid
$60 for his ticket, but can buy another one for $80. In deciding whether he should buy another
ticket Micah should compare the value he places on attending the game to:
A. $30
B. $80
C. $90
D. $170 - ANSB. $80

Trade between countries tends to:
A. Reduce specialization and make everyone better off
B. Reduce specialization and make everyone worse off
C. Raise specialization and make everyone better off
D. Raise specialization but make everyone worse off - ANSC. Raise specialization and make
everyone better off

Which of the following is the primary determinant of the standard of living?
A. Labor unions
B. Productivity
C. The amount of labor
D. Competition from foreign countries - ANSB. Productivity

As the manager at the local Save-a-lot, you are thinking of adding one more cashier that would
increase sales revenues by $400 per week. What is the most you can pay this new cashier and
why?
A. $200 per week, so the store makes a profit of $200.
B. $400 per week, because that is the marginal benefit of hiring the new cashier.
C. $500 per week, because you are fair and pay more than the minimum wage.
D. I don't have enough information to make this decision. - ANSB. $400 per week, because that
is the marginal benefit of hiring the new cashier.

High inflation is:
A. Not associated with high money supply growth rates. An increase in inflation temporarily
reduces unemployment.

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