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EN

Inferior good

Question

1. Which of the following factors that affect supply do NOT shift the supply graph to the right?

Technological changes

Size of the industry

Weather

Input prices

2. There is a negative relation between income and the demand for health care: the richer the country, the greater the demand for health care.

True

False

3. _______ costs are easily identified because a recent market transaction is available to provide an accurate measure of costs

Implicit

Direct

Explicit

Indirect

4. In general, goods and services which are close substitutes have higher price elasticities

True

False

5. ________ is the sole provider of a good or service in a well defined market with no close substitutions.

Perfect competition

Oligopoly

Monopoly

Oligopolistic competition

6. _______ examines how changes in market conditions influence the positions of the demand and supply curve and cause the equilibrium price and quantity to change.

Marginal private benefit

Marginal private cost

Comparative statics•

7. If the percentage increase in the quantity consumed is greater than the associated percentage increase in income the good is called___

Superior good

Inferior good

Normal good

8. A good for which income elasticity is positive but less than one. The good is called a(n) ___

Superior good

Normal good

Inferior good

9. The ___ effect would encourage the substitution of other consumer goods for investment in health as one ages.

substitution

addition

subtraction

10. Which is not a state health incentive?

The Oregon Health Plan

Hawaii’s Universal Coverage

Minnesota Care

California Universal Health Coverage

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