Question: If a good is a necessity, we would expect demand for that good to be:
Answer Options:
a) Elastic.
b) Inelastic.
c) Unit elastic.
d) Perfectly elastic.
Answer: b) Inelastic.
Question: When the quantity demanded of a good exceeds the quantity supplied, there is a:
Answer Options:
a) Shortage.
b) Surplus.
c) Price floor.
d) Price ceiling.
Answer: a) Shortage.
Question: If the price of gasoline falls and remains low for an extended period, we can expect:
Answer Options:
a) The demand for cars that are fuel inefficient to decrease.
b) The demand for cars that are fuel inefficient to increase.
c) The demand for cars that are fuel efficient to increase.
d) The demand for bicycles to increase.
Answer: b) The demand for cars that are fuel inefficient to increase.
Question: If a minimum wage is set above the equilibrium wage rate:
Answer Options:
a) The demand for labor will increase.
b) The supply of labor will decrease.
c) The quantity of labor demanded will decrease, and the quantity of labor supplied will increase, leading to unemployment.
d) The quantity of labor demanded will increase, and the quantity of labor supplied will decrease.
Answer: c) The quantity of labor demanded will decrease, and the quantity of labor supplied will increase, leading to unemployment.
Question: Which of the following is the best example of a public good?
Answer Options:
a) Ice cream.
b) National defense.
c) A can of Coke.
d) A car.
Answer: b) National defense.
Question: The additional satisfaction gained by the consumption or use of one more unit of a good is called:
Answer Options:
a) Marginal cost.
b) Marginal benefit.
c) Marginal product.
d) Marginal utility.
Answer: d) Marginal utility.
Question: An increase in the price of milk will cause the supply of cheese to:
Answer Options:
a) Increase because milk and cheese are complements.
b) Decrease because milk and cheese are substitutes.
c) Increase because milk and cheese are substitutes.
d) Decrease because milk and cheese are complements.
Answer: d) Decrease because milk and cheese are complements.
Question: An individual who is able to perform a particular skill automatically, without giving it any thought, is said to be in what state of knowing?
Answer Options:
a) Unconscious competence
b) Conscious incompetence
c) Conscious competence
d) Unconscious incompetence
Answer: a) Unconscious competence
Question: The duty of the healthcare leader is to merge the complexity of leading people and the difficulty of managing resources into a culture that serves communities by maintaining and improving the health of individuals in those communities.
Answer Options:
a) True
b) False
Answer: a) True