20 May SavedIn which of the following ways is cost-benefi
SavedIn which of the following ways is cost-benefit analysis different from cost-utility (cost-effectiveness) analysis in evaluating health interventions or public programs?Question 1 options:A)Cost-benefit analysis compares societal costs and benefits whereas cost-utility analysis looks only at gains to specific people.B)Cost-benefit analysis is worse than cost-utility analysis in settings where there are externalities (for example, price signals do not work).C)Cost-benefit analysis uses present discounted values to account for long-run impacts of interventions, while cost-utility analysis does not.D)Cost-benefit analysis weights the utility of being sick and of being well differently, while cost-utility analysis does not.Question 2 (1 point)SavedA new breast cancer drug stops tumor growth for 18 months with no side effects. An estimated treatment cost is $66,000. What is the cost per Quality-Adjusted Life Year (QALY)?Question 2 options:A)$99,000B)$44,000C)$66,000D)$180,000Question 3 (1 point)SavedMore dangerous jobs sometimes pay more. If a study demonstrates that for each 0.1% increase in death, an additional $7,000 is typically paid, what is the estimated value of life?Question 3 options:A)$7,000,000B)$700,000C)$70,000D)$7,000Question 4 (1 point)SavedWhat is the approximate percentage of healthcare spending currently paid by the government?Question 4 options:A)30%B)50%C)75%D)90%Question 5 (1 point)SavedWhat is the approximate percentage of healthcare spending currently paid out-of-pocket by individuals?Question 5 options:A)10%B)25%C)30%D)50%Question 6 (1 point)SavedIt is often said that developed countries, like the United States, practice flat of the curve medicine. What does this mean?Question 6 options:A)Because developed countries spend a relatively large amount on healthcare, the opportunities for further dramatic health gains have already largely been exhausted.B)Although developed countries spend a relatively large amount on healthcare, the opportunities for dramatic health gains have yet to be realized.C)Because developing countries spend a relatively small amount on healthcare, the opportunities for dramatic health gains have yet to be realized.D)Because healthcare spending in developed countries has stopped growing, there will be no further gains in health.Question 7 (1 point)SavedIn the United States, spending on healthcare accounts for approximately what proportion of gross domestic product (GDP)?Question 7 options:A)18%B)8%C)16%D)28%Question 8 (1 point)SavedFor questions 9 and 10, assume a competitive labor market for doctors, and use standard supply and demand analysis.Suppose the number of doctors graduating increases. Which of the following statements is true in the labor market for doctors?Question 8 options:A)The demand curve will shift to the left.B)The supply curve will shift to the left.C)The supply curve will shift to the right.D)The demand curve will shift to the right.Question 9 (1 point)SavedFor questions 9 and 10, assume a competitive labor market for doctors, and use standard supply and demand analysis.Again, assume that there is an increase in the number of doctors. There is also a simultaneous increase in the average age of the patient population, and therefore there is an increased need for doctors to meet the rising demand for medical services. Relative to the initial situation (before either change occurred), which of the following statements is true in the labor market for doctors? The wage paid to doctors _____________.Question 9 options:A)must fallB)must riseC)will fall if the demand for doctors rises more than the supply of doctors risesD)will rise if the demand for doctors rises more than the supply of doctors risesQuestion 10 (1 point)SavedHealth economists use the phrase ceteris paribus to express:Question 10 options:A)Resources are scarce.B)There’s no such thing as a free lunch.C)All else being equalD)Good events lead to further good outcomes.Question 11 (1 point)SavedSuppose market demand for medical care is QD = 200 2P and market supply is QS = 40 + 2P. Calculate equilibrium quantity and price, assuming no health insurance is available.Question 11 options:A)Price = 40; Quantity = 120B)Price = 120; Quantity = 40C)Price = 40; Quantity = 80D)Price = 60; Quantity = 120Question 12 (1 point)SavedThough we speak about healthcare as a good, it has some special characteristics that makes it different from other goods. Which of the following is one of these differences?Question 12 options:A)People are willing to pay for healthcare, but not for health.B)Healthcare is a scarce good.C)Healthcare’s relationship to demand for health is not one-to-one.D)Demand for healthcare does not change with a person’s capacity to benefit from healthcare.Question 13 (1 point)SavedThe point where price equals marginal cost is also known as which of the following?Question 13 options:A)Technique efficiencyB)Transaction efficiencyC)Social efficiencyD)Allocative efficiencyQuestion 14 (1 point)SavedA table showing what quantity of good can be produced with different combinations of inputs of capital and labor is called:Question 14 options:A)A production functionB)A derived demand chartC)A supply curveD)A pricing modelQuestion 15 (1 point)SavedMedicaid provides price subsidies that increase service utilization among low-income populations. Which of the following best describes the shape of the graph showing the relationship between income and healthcare utilization, on average?Question 15 options:A)Has an inverted U-shapeB)Has a U-shapeC)Is positively slopedD)Is negatively slopedQuestion 16 (1 point)SavedIn general, increasing spending on healthcare from $9,000 to $10,000 for an individual will have less of an impact than increasing spending from $2,000 to $3,000 for an individual. This example illustrates the economic principle of:Question 16 options:A)Supply and demandB)Declining marginal productivityC)Comparative advantageD)Equilibrium at the marginQuestion 17 (1 point)SavedWhich would you expect to be more elastic?Question 17 options:A)The price elasticity of preventive servicesB)The price elasticity of emergency room servicesQuestion 18 (1 point)SavedFor each of the scenarios in Q19Q22, select the term that best indicates the kind of information problem described.The inability of the insurance company to accurately assess how big of a risk some potential customers are means that the sickest customers buy plans that are not priced to cover the total cost of their care.Question 18 options:A)Price discriminationB)Adverse selectionC)Moral hazardD)Imperfect informationQuestion 19 (1 point)SavedFor each of the scenarios in Q19Q22, select the term that best indicates the kind of information problem described.A patient has a choice between three facilities for a knee replacement but information about the success rates of the procedure at each facility is not available.Question 19 options:A)Price discriminationB)Adverse selectionC)Moral hazardD)Imperfect informationQuestion 20 (1 point)SavedFor each of the scenarios in Q19Q22, select the term that best indicates the kind of information problem described.A patient who has a coinsurance rate of 20% consumes more healthcare than one with a coinsurance rate of 80%.Question 20 options:A)Price discriminationB)Adverse selectionC)Moral hazardD)Imperfect informationQuestion 21 (1 point)SavedFor each of the scenarios in Q19Q22, select the term that best indicates the kind of information problem described.People with health insurance pay lower rates for care than those without.Question 21 options:A)Price discriminationB)Adverse selectionC)Moral hazardD)Imperfect informationQuestion 22 (1 point)SavedWhich of the following would you expect to increase moral hazard?Question 22 options:A)Implementing utilization reviewB)Decreasing deductiblesC)Increasing co-paysQuestion 23 (1 point)SavedIf the price of a cancer screening falls by 20% and the number of tests purchased rises by 30%. The demand for cancer screenings is:Question 23 options:A)Price elasticB)Price inelasticQuestion 24 (1 point)SavedWhich of the following is not a cost of medical care?Question 24 options:A)The pain you feel from a doctor’s treatmentB)The stigma you experience as a result of having a visible diseaseC)The time you spend in the waiting roomD)The risk that you will be harmed by treatmentQuestion 25 (1 point)SavedThe PPACA (Patient Protection and Affordable Care Act) prohibits insurers from using many factors (e.g., blood pressure, family history) in determining premiums. Which of the following lists covers those factors which are allowed?Question 25 options:A)Smoking status, family size, age, and geographic areaB)Smoking status, gender, age, and sexual orientationC)Smoking status, family size, drug use, and ageD)Smoking status, gender, age, and family size
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