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QUESTION 1 A model of the demand for health, developed in the 1970s by Michael Grossman, treats investment in health as a form of investment in QUESTION 2 Which of the following are important insights captured by Grossmans model? OA. Health care is but one input in generating improvements in health. OB. Health care is a service that is dramatically overused. C. Individuals do not demand health care for its own sake □ D. Genetics and environmental factors are aspects of health that cannot be controlled. QUESTION 3 Health is modeled as being produced by individuals using which of the following means? A. Environment B. Lifestyle choices C. Research D. Medical care E. Genetics
QUESTION 5 Which of the following may shift the MEC curve to the left because people will eat richer foods and decrease exercise? OA. Age O B. Education C. Wealth 0 D. Environment QUESTION 6 Which of the following is a measure of how much extra output can be produced with an extra unit of capital input? A. Marginal efficiency of capital B. Diminishing marginal returns C. Indifference curve D. Diminishing marginal utility
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Answer #1

1) Human Capital

Although the concept of Human capital came up in 1975 but it was considered by Mr. Grossman

2) A

It is not that lack of medical care is detriment for health but people themselves doesn't ask for the same

3) B

The health depends a lot on lifestyle chosen by an individual

5) C

With more wealth, people can afford richer foods but also decrease exercise

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