Health Economics Fundamentals Quiz
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Questions and Answers

What is scarcity in economic terms?

  • The need in the economy is less than the actual resources available
  • The need in the economy is unrelated to the actual resources available
  • The need in the economy is equal to the actual resources available
  • The need in the economy is more than the actual resources available (correct)

    • What are free goods in economics?

  • Goods that are expensive and limited in nature
  • Goods readily available in nature with no price (correct)
  • Goods that are abundant but have a high price
  • Goods that are scarce and have a low price

    • What is the relationship between scarcity and making choices?

  • Scarcity eliminates the need for making choices
  • Scarcity has no impact on making choices
  • Scarcity increases the availability of resources for unlimited needs
  • Scarcity necessitates making choices due to limited resources and unlimited needs (correct)

    • How can a free good turn into an economic good?

    <p>Depending on the time or region, a free good can become an economic good</p> Signup and view all the answers

    What has scarcity been a reason for in history?

    <p>War and conflict between countries</p> Signup and view all the answers

    What is the relationship between scarcity and making choices?

    <p>Scarcity requires individuals to choose between alternative options due to limited resources.</p> Signup and view all the answers

    What is the term for goods readily available in nature, not subjected to economics science, and with no price?

    <p>Free goods</p> Signup and view all the answers

    What can turn a free good into an economic good?

    <p>The scarcity of the free good in a specific time or region</p> Signup and view all the answers

    What does scarcity refer to in economic terms?

    <p>The need in the economy being more than the actual resources used in the production of goods</p> Signup and view all the answers

    What has scarcity historically been a reason for?

    <p>War and conflict between countries</p> Signup and view all the answers

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