HCA255 week 1 quiz 2018

What forces resource owners to use their resources to promote the highest possible satisfaction of society?

Market failure

Competition

Self Interest

Marginal analysis

Prices increase when more is desired, as well as when less is desired?

True False

Economic models start by assuming that decisions are made rationally under conditions of scarcity

True False

The third step in the scientific model is?

Rethinking the model

Observations are recorded

The tests of hypotheses are then performed using gathered facts and data.

A theory is then developed to explain behavior or the phenomena or predict future behavior.

Equilibrium occurs when

Supply is greater then demand.

Demand is greater then supply.

Supply and demand are equal.

Economics explains how scarce resources are allocated among competing alternative uses to satisfy unlimited human wants.

True False

What factor does not affect the demand for medical care?

Patient demographics

Population

Access barriers

Equilibrium

Market failure forces resource owners to use their resources to promote the highest possible satisfaction of society.

True False

Scarcity

Recognizes the role of alternatives.

Accomplishes its tasks through a system of prices, or the invisible hand.

Arises when the free market fails to promote efficient use of resources by either producing more or less than optima level of output..

Addresses the problem of limited resources and the need to make choices.

Inefficient outputs use scarce resources to promote social welfare, where as efficient output wastes resources

True False