question 1 (5 points)<\/p>\n
Saved<\/p>\n
A situation in which having insurance causes people to take greater risks is called:<\/p>\n
Question 1 options:<\/p>\n
a) <\/p>\n
Adverse Selection<\/p>\n
b) <\/p>\n
Moral Hazard<\/p>\n
c) <\/p>\n
A mixed market<\/p>\n
d) <\/p>\n
Asymmetric Information Question 2 (5 points)<\/p>\n
Saved<\/p>\n
Public goods are:<\/p>\n
Question 2 options:<\/p>\n
a) <\/p>\n
Rival and excludable<\/p>\n
b) <\/p>\n
Rival and nonexcludable<\/p>\n
c) <\/p>\n
Nonrival and nonexcludable<\/p>\n
d) <\/p>\n
Nonrival and excludable Question 3 (5 points)<\/p>\n
Which of the following statements is FALSE concerning comparative effectiveness research?<\/p>\n
Question 3 options:<\/p>\n
a) <\/p>\n
The objective is to improve health outcomes by developing and disseminating evidence-based information to patients and providers.<\/p>\n
b) <\/p>\n
Using clinical trials is the least costly and less time-consuming method for conducting comparative effectiveness research<\/p>\n
c) <\/p>\n
The Patient Centered Outcome Research Institute (PCORI) was created under the Affordable Care Act (PPACA) to conduct comparative effectiveness research<\/p>\n
d) <\/p>\n
Using comparative effectiveness research to reduce costs and make coverage decisions can be controversial. Question 4 (5 points)<\/p>\n
Which of the following is a correct statement?<\/p>\n
Question 4 options:<\/p>\n
a) <\/p>\n
Both purely competitive and monopolistic firms are “price takers.”<\/p>\n
b) <\/p>\n
Both purely competitive firms and monopolistic firms are “price makers”<\/p>\n
c) <\/p>\n
A purely competitive firm is a “price-taker” and a monopolistic firm is a “price-maker”<\/p>\n
d) <\/p>\n
A purely competitive firm is a “price-maker” and a monopolistic firm is a “price-taker” Question 5 (5 points)<\/p>\n
The demand curve confronted by the individual purely competitive firm is:<\/p>\n
Question 5 options:<\/p>\n
a) <\/p>\n
Relatively Elastic<\/p>\n
b) <\/p>\n
Perfectly elastic<\/p>\n
c) <\/p>\n
Relatively inelastic<\/p>\n
d) <\/p>\n
Perfectly inelastic Question 6 (5 points)<\/p>\n
Pure monopolists may obtain economic profit in the long-run because:<\/p>\n
Question 6 options:<\/p>\n
a) <\/p>\n
Of advertising<\/p>\n
b) <\/p>\n
Marginal revenue is constant as sales increase<\/p>\n
c) <\/p>\n
Of barriers to entry<\/p>\n
d) <\/p>\n
Of rising average fixed costs Question 7 (5 points)<\/p>\n
An industry is characterized as having many firms, a differentiated product, no barriers to entry and elastic demand. What is it’s market structure?<\/p>\n
Question 7 options:<\/p>\n
Perfectly competitive<\/p>\n
Oligopoly<\/p>\n
Monopolistic Competition<\/p>\n
Monopoly Question 8 (5 points)<\/p>\n
The individual mandate under the Affordable Care Act was intended to prevent which of the following?<\/p>\n
Question 8 options:<\/p>\n
a) <\/p>\n
Rising health care costs<\/p>\n
b) <\/p>\n
Rising deficits<\/p>\n
c) <\/p>\n
Adverse selection<\/p>\n
d) <\/p>\n
Moral hazard Question 9 (5 points)<\/p>\n
Which of the following conditions is NOT NECESSARY in order for a firm to price discriminate?<\/p>\n
Question 9 options:<\/p>\n
a) <\/p>\n
The product cannot be resold<\/p>\n
b) <\/p>\n
The firm must have some market power<\/p>\n
c) <\/p>\n
The firm must have many buyers and sellers<\/p>\n
d) <\/p>\n
The market can be segmented into different groups of consumers Question 10 (5 points)<\/p>\n
Which of the following statements correctly identifies increasing returns in production?<\/p>\n
Question 10 options:<\/p>\n
a) <\/p>\n
As a firm adds workers, output declines<\/p>\n
b) <\/p>\n
Marginal Product is greater than Average Product<\/p>\n
c) <\/p>\n
Marginal Product equals Average Product<\/p>\n
d) <\/p>\n
As firms increase workers, output increases at a diminishing rate Question 11 (5 points)<\/p>\n
Which of the following correctly identifies the price at which a firm should shut-down?<\/p>\n
Question 11 options:<\/p>\n
a) <\/p>\n
Price is greater than the average variable cost<\/p>\n
b) <\/p>\n
Price is equal to the marginal cost<\/p>\n
c) <\/p>\n
Price is less than the total cost<\/p>\n
d) <\/p>\n
Price is less than the average variable cost Question 12 (5 points)<\/p>\n
Which of the following market structures experiences a \u201cNash Equilibrium\u201d in terms of pricing behavior?<\/p>\n
Question 12 options:<\/p>\n
a) <\/p>\n
Perfect competition<\/p>\n
b) <\/p>\n
Oligopoly<\/p>\n
c) <\/p>\n
Monopoly<\/p>\n
d) <\/p>\n
Monopolistic Competition Question 13 (5 points)<\/p>\n
Which of the following is NOT considered a criteria of an \u201cefficient market\u201d?<\/p>\n
Question 13 options:<\/p>\n
a) <\/p>\n
Perfect information<\/p>\n
b) <\/p>\n
Positive externalities exist<\/p>\n
c) <\/p>\n
Lots of buyers and sellers<\/p>\n
d) <\/p>\n
No barriers to entry and market is perfectly competitive Question 14 (5 points)<\/p>\n
Which of the following is NOT a factor that leads to a shift in the supply curve?<\/p>\n
Question 14 options:<\/p>\n
a) <\/p>\n
Change in labor and capital inputs<\/p>\n
b) <\/p>\n
Change in consumer income<\/p>\n
c) <\/p>\n
Change in number of firms in industry<\/p>\n
d) <\/p>\n
Government regulations Question 15 (5 points)<\/p>\n
For which of the following goods is the demand curve likely to be the most inelastic?<\/p>\n
Question 15 options:<\/p>\n
a) <\/p>\n
Taxicab transportation for a family vacationing in DC<\/p>\n
b) <\/p>\n
Insulin for a diabetic<\/p>\n
c) <\/p>\n
An Apple Smartphone<\/p>\n
d) <\/p>\n
Elective cosmetic surgery Question 16 (5 points)<\/p>\n
Which of the following is the best example of a public good?<\/p>\n
Question 16 options:<\/p>\n
a) <\/p>\n
National Defense<\/p>\n
b) <\/p>\n
A local gas station<\/p>\n
c) <\/p>\n
A city-owned electric power generating plan<\/p>\n
d) <\/p>\n
Public Universities Question 17 (5 points)<\/p>\n
A perfectly competitive firm has the following option with respect to how it sets price: <\/p>\n
Question 17 options:<\/p>\n
a) <\/p>\n
Are required to accept below-market prices if they wish to sell their product<\/p>\n
b) <\/p>\n
Often set the price of their product above the market equilibrium to take advantage of market imperfections<\/p>\n
c) <\/p>\n
Have a great deal of latitude when it comes to setting the price of their product<\/p>\n
d) <\/p>\n
Have little choice but to accept the prevailing market price for their product Question 18 (5 points)<\/p>\n
What market failure does the regulation of nursing home quality address?<\/p>\n
Question 18 options:<\/p>\n
High long-term care costs<\/p>\n
Existence of a public good<\/p>\n
Asymmetric Information<\/p>\n
All of the above Question 19 (5 points)<\/p>\n
Which if the following is NOT a likely result of limits on physician reimbursement rates under Medicare? <\/p>\n
Question 19 options:<\/p>\n
Reduction in quality of care provided<\/p>\n
Access problems for Medicare beneficiaries<\/p>\n
Increase in supply of physicians<\/p>\n
Shortage of physicians Question 20 (5 points)<\/p>\n
Economics is the Study of _________________________<\/p>\n
Question 20 options:<\/p>\n
a) <\/p>\n
The interaction of people in social situations<\/p>\n
b) <\/p>\n
The scarcity of resources or goods<\/p>\n
c) <\/p>\n
Human behavior under stressful situations<\/p>\n
d) <\/p>\n
Biological systems in the environment<\/p>\n","protected":false},"excerpt":{"rendered":"
question 1 (5 points) Saved A situation in which having insurance causes people to take greater risks is called: Question 1 options: a) Adverse Selection b) Moral Hazard c) A mixed market d) Asymmetric Information Question 2 (5 points) Saved Public goods are: Question 2 options: a) Rival and excludable b) Rival and nonexcludable c) […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-785","post","type-post","status-publish","format-standard","hentry","category-applied-science-file-4"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=785"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/785\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}