HCA255 Week 1 Quiz
1. What forces resource owners to use their resources to promote the highest possible satisfaction
of society?
Market failure
Competition
Self Interest
Marginal analysis
2. Prices increase when more is desired, as well as when less is desired?
True
False
3. Economic models start by assuming that decisions are made rationally under conditions of
scarcity
True
False
4. 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.
5. Equilibrium occurs when
Supply is greater then demand.
Demand is greater then supply.
Supply and demand are equal.
1. What forces resource owners to use their resources to promote the highest possible satisfaction
of society?
Market failure
Competition
Self Interest
Marginal analysis
2. Prices increase when more is desired, as well as when less is desired?
True
False
3. Economic models start by assuming that decisions are made rationally under conditions of
scarcity
True
False
4. 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.
5. Equilibrium occurs when
Supply is greater then demand.
Demand is greater then supply.
Supply and demand are equal.
