If the demand for bacon is relatively elastic, a 10 percent decline in the price of bacon will

1. If the demand for bacon is relatively elastic, a 10 percent decline in the price of bacon will:
A) decrease the amount demanded by more than 10 percent.
B) increase the amount demanded by more than 10 percent.
C) decrease the amount demanded by less than 10 percent.
D) increase the amount demanded by less than 10 percent.

2. Suppose the price elasticity coefficients of demand are 1.43, 0.67, 1.11, and 0.29 for products W, X, Y, and Z respectively. A 1 percent decrease in price will increase total revenue in the case(s) of:
A) W and Y.

B) Y and Z.

C) X and Z.

D) Z and W.

3. The Illinois Central Railroad once asked the Illinois Commerce Commission for permission to increase its commuter rates by 20 percent. The railroad argued that declining revenues made this rate increase essential. Opponents of the rate increase contended that the railroad's revenues would fall because of the rate hike. It can be concluded that:
A) both groups felt that the demand was elastic but for different reasons.
B) both groups felt that the demand was inelastic but for different reasons.
C) the railroad felt that the demand for passenger service was inelastic and opponents of the rate increase felt it was elastic.
D) the railroad felt that the demand for passenger service was elastic and opponents of the rate increase felt it was inelastic.

1. Suppose the price elasticity of demand for bread is 0.20. If the price of bread falls by 10 percent, the quantity demanded will increase by:
A) 2 percent and total expenditures on bread will rise.
B) 2 percent and total expenditures on bread will fall.
C) 20 percent and total expenditures on bread will fall.
D) 20 percent and total expenditures on bread will rise.

2. The main determinant of elasticity of supply is the:
A) number of close substitutes for the product available to consumers.
B) amount of time the producer has to adjust inputs in response to a price change.
C) urgency of consumer wants for the product.
D) number of uses for the product.

3. Refer to the above information and assume the stadium capacity is 5000. If the sports team’s management charges $9 per ticket:
A) some fans who want to see the game will find that tickets are not available.
B) there will be 2,000 empty seats.
C) there will be 1,000 empty seats.
D) the game will be sold out.

1. Refer to the above information and assume the stadium capacity is 5000. If the sports team’s management wanted a full house for the game, it would:
A) set price so as to maximize its total revenue.
B) encourage scalpers to sell their tickets for more than $7.
C) set ticket prices at $5.
D) set ticket prices at $9.

2. Refer to the above information. If the sports team’s management wanted to maximize total revenue from the game, it would set the ticket price at:
A) $5.

B) $7.

C) $9.

D) $13.

3. If the income elasticity of demand for lard is -3.00, this means that:
A) lard is a substitute for butter.
B) lard is a normal good.
C) lard is an inferior good.
D) more lard will be purchased when its price falls.

4. People are charged for an additional can of soda they get from a soda machine, but are not charged for an additional newspaper taken from a traditional dispensing box. The marginal utility of an additional:
A. Soda is close to zero, but the marginal utility of an additional paper diminishes slowly
B. Soda diminishes slowly, but the marginal utility of an additional paper is close to zero
C. Soda increases by more than that of the newspaper as c

1. As a health information management technician, why is a thorough understanding of medical terminology important?
A. You may be diagnosing patient illnesses.
B. You may be expected to answer medical and clinical questions.
C. You may be analyzing medical information regularly.
D. You may be dealing with patients on a daily basis.

2. Much of today's medical terminology has its roots in the _______ language.
A. French
B. German
C. Greek
D. English

3. To contain costs, Medicare replaced the old payment system with a _______, which sets a price for every service based on expected costs.
A. preferred provider organization
B. prospective payment system
C. point of service plan
D. managed care system

1. If you work in a hospital or doctor's office and assign numeric values to procedures and diagnoses for the purpose of reimbursement, you are a
A. receptionist
B. transcriptionist
C. medical assistant
D. coding specialist

2. Increasing the accessibility of patient information, reducing offsite storage costs, and freeing up department storage space are all benefits of implementing
A. correspondence management systems.
B. computerized medical records.
C. digital transcription systems.
D. an integrated delivery system.

3. The process of mummification was thought to help advance medicine because
A. removal of organs helped Egyptians study anatomy.
B. it allowed Egyptians to practice surgical procedures.
C. drawings were made from the internal organs.
D. it helped contain disease.