HEALTH ECONOMICS PRELIMS

Controlled market is the approach Adam Smith suggested.

• True

• False

Economics is concerned on devising ways of how to best allocate scarce resources.

• True

• False

Adam Smith is the father of modern economics.

• True

• False

Macroeconomics deals on the total functioning of the whole economy.

• True

• False

Economics is both a science and a social science.

• True

• False

Microeconomics is about the study of individual entities.

• True

• False

Oikonomia means mismanagement of household.

• True

• False

On a free market, demand and supply continually interacts to attain price equilibrium.

• True

• False

Health economics is independent from the effects of social factors like belief and culture of people.

• True

• False

Scarcity is a universal problem of the society.

• True

• False