Economics For Healthcare Managers
4th Edition
ISBN: 9781640550483
Author: Robert H. Lee
Publisher: Health Administration Pr
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Chapter 1, Problem 6E
To determine
Positive and normative economics.
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Economics For Healthcare Managers
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- In what ways is economics a science and why do economists make assumptions?arrow_forwardHow does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.arrow_forwardWhat advantage does economics have over the other social sciences that study human behavior?What does it have in common with the other social science? Elaborate.arrow_forward
- What is Economics? And why was Alfred Marshal’s theory criticized?arrow_forwardSuppose that one summer the weather is very hot. How does this event affect the market for ice cream? And How a decrease in supply of ice cream affects the equilibrium price and quantity? Draw the graph according to the situations above. Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis?a. The inheritance tax should be repealed because it is unfair.b. Allowing Chile to join NAFTA would cause wine prices in the United States to drop.c. The first priorities of the new regime in the Democratic Republic of Congo (DRC, formerly Zaire) should be to rebuild schools and highways and to provide basic health care.arrow_forwardExplain the difference between positive and normative analysis. Provide an example of a normative statement or an example of a positive statement from a recent news story.arrow_forward
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- Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis? a. A devaluation of the U.S. dollar would increase exports from the United States. b. Increasing the federal tax on gasoline would cause shipping costs in the United States to increase. c. Florida should devote all revenues from its state lottery to improving public education.arrow_forwardEconomics is all about trade offs. What is the opportunity cost for a typical student pursuing a college degree? Is it rational for some people to decide to NOT continue their formal education past high school? Explain using economic reasoning.arrow_forward
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