"It is difficult to compare over time health care expenditures, costs, and output." Do you agree or disagree? Why?
What will be an ideal response?
Agree. First, expenditures and costs are not the same thing. A system like Britain's has lower expenditures but not necessarily lower costs since people spend more time waiting for services. Years ago, expenditures were much lower, partially because people suffered and died from ailments that now can be cured. Further, as improvements in health care permit longer lives, health care expenditures will increase. The interrelationships between health care, technology, costs, and expenditures are extremely complicated.
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If Happy Feet chooses to No Ad, Best Nails should ________ and earn ________ million in net profit.
Happy Feet wants to prevent Best Nails from entering the nail salon market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Happy Feet and Best Nails have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) Ad; $2 B) No Ad; $3 C) No Ad; $4 D) Ad; $3
As a result of moving more decision making from the center toward the periphery of the organization, typically
a. the flow of relevant information to the decision maker should be enhanced b. the flow of relevant information from the decision maker should be enhanced c. the incentives to make good decisions should be strengthened d. the incentives to make good decisions should be weakened
Normative economics deals with
a. social norms and customs that influence economic behavior b. norms of behavior that can be taken as facts c. statements of fact d. statements about the value of a proposed policy e. government rules and regulations that drag down the economy
A rational person:
A. makes choices based on total benefits and total costs. B. undertakes activities until the net benefits become less than zero. C. considers the financial benefits and financial costs of making a choice. D. makes choices based on added benefits and added costs.