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USHCS Exam 1 (Said) Questions and Correct Detailed Answers (Verified Answers)

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Question: Economics is involved in almost all issues facing healthcare today (T/F) Ans: True Question: The study of how individuals and societies allocate their limited resources in attempts to meet their unlimited health care needs Ans: Health Economics Question: How many types of resources are there? Ans: 3 Question: Land, Labor, and Capital are all examples of _______ . Ans: Resources Question: Resources produce commodities (T/F) 2 Master01 | 2025/2026 | Latest update Ans: True Question: What is the one reason an economic system exists? Ans: Resources are scarce relative to human wants Question: If resources were limited, every good would be free (T/F) Ans: False Question: Goods and services are allocated according to the ____ ______ . Ans: price system Question: When one makes a purchase, he or she is deciding to forgo some other use

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USHCS Exam 1 (Said) Questions and Correct
Detailed Answers (Verified Answers)
Question: Economics is involved in almost all issues facing

healthcare today (T/F)

Ans: True

Question: The study of how individuals and societies allocate their

limited resources in attempts to meet their unlimited health care

needs

Ans: Health Economics

Question: How many types of resources are there?

Ans: 3

Question: Land, Labor, and Capital are all examples of _______ .

Ans: Resources

Question: Resources produce commodities (T/F)

Master01 | 2025/2026 | Latest update

, 2

Ans: True

Question: What is the one reason an economic system exists?

Ans: Resources are scarce relative to human wants

Question: If resources were limited, every good would be free (T/F)

Ans: False

Question: Goods and services are allocated according to the ____

______ .

Ans: price system

Question: When one makes a purchase, he or she is deciding to

forgo some other use of that money. What is the term for this

tradeoff?

Ans: Opportunity Cost

Question: The economic term for satisfaction obtained from

purchasing (consuming) a particular good/service

Master01 | 2025/2026 | Latest update

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Uploaded on: February 19, 2025
Number of pages: 13
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Type: Exam (elaborations)
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USHCS Exam 1 (Said) Questions and Correct Detailed Answers (Verified Answers)

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