eco4050 exam review questions with correct answers
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ECO4050 Health finance and Economics final exam review practice questions with verified solutions
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ECO4050 HEALTH ECONOMICS
EXAM 1 PRACTICE QUESTIONS
Economics is the study of the allocation of ___ to satisfy ___. - limited resources;
unlimited wants
Which of the following statements about indifference curves is (are) false?
a.) 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
b.) when comparing bundles of goods that lie on the same indifference curve we say the
consumer has no preference for one over another
c.) Typical indifference curves are downward sloping and bowed toward the origin
d.) a set of indifference curves can be used to summarize and represent consumer
preferences - a set of indifference curves shows the maximum possible output
combinations of two goods or services an economy can achieve when all resources
What does the production possibilites frontier (PPF) show? - the maximum possible
output combinations of two goods or services an economy can achieve when all
resources are fully and efficiently employed
What are indifference curves? - represent consumer preferences, which connects every
possible combination of goods that give the consumer the same amount of satisfaction
Based on a PPF and indifference curves, how do you see the optimal combination of
goods? - When PPF is tangent to (touching but not intersection) one of his indifference
curves
The economics of health and health care is different from the economics at work in
other, smaller markets because? - health insurance is ubiquitous (very common), the
demand for health care is highly uncertain, and health is contagious
___ represents the behavior of buyers whereas ___ represents the behavior of sellers. -
demand; supply
Summers in Columbia are HOT. During a heat wave, we except that the demand for
lemonade will ___. - increase (the demand curve will shift outward)
, Peanut butter and Jelly are typically consumer ___ and as such are thought 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)
Producer surplus is the difference between a seller's cost to produce a good and the
amount a seller is actually paid for it (market price) and is represented by the area___ -
above the supply curve and below market price
When the price of tomatoes decreases by 10%, the quantity demanded of fresh
tomatoes increases by 46%. Calculate the price elasticity of demand for tomatoes. - -4.6
The market for lemonade is initially in equilibrium. Temperatures soar during the month
of July. All else equal, how does the heat wave affect the equilibrium price and quantity
of lemonade? - both equilibrium price and equilibrium quantity will increase
The market for lemonade is initially in equilibrium. Temperatures soar during the month
of July. At the same time, Harris Teeter runs a promotion on lemons, lowering the price
from $1.79 to %0.99/lb. How will the changing market conditions affect the equilibrium
quantity of lemonade? - equilibrium quantity will increase
The market for lemonade is initially in equilibrium. Temperatures soar during the month
of July. At the same time, Harris Teeter runs a promotion on lemons, lowering the price
from $1.79 to %0.99/lb. How will the changing market conditions affect the equilibrium
PRICE of lemonade?
a) the change in equilibrium price is ambiguous (we dont have enough information to be
certain)
b) equilibrium price will decrease
c) equilibrium price will increase
d) there will be no change to equilibrium price - the change in equilibrium price is
ambiguous (we dont have enough information to be certain)
The price elasticity of demand is related to the slope of? - the demand curve
When demand for a good is more elastic (price sensitive), the demand curve will be
more
a)vertical
b) horizontal - horizontal
When demand for a good is more inelastic (price insensitive), the demand curve will be
more
a) vertical
b) horizontal - vertical
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