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MHA 2022 EXAM 1 WITH OVER 100 QUESTIONS AND VERIFIED ANSWERS GRADED A
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MHA 2022 EXAM 1 WITH OVER 100 QUESTIONS AND VERIFIED ANSWERS GRADED A
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MHA 2022 EXAM 1 WITH OVER 100 QUESTIONS ANDVERIFIED ANSWERS GRADED A
1. What is "economics"?: A Map for decision making. Economics analyzes the
allocation of scarce resources.
2. What are some of the specific challenges faced by managers in healthcare?: 1.
The central roles of risk and uncertainty
2. The complexities created by insurance
3. The perils produced by information asymmetries
4. The problems posed by not-for-profit organizations
5. The rapid and confusing course of technical and institutional change
3. What does asymmetric information mean? Can you give an example?: When
one party in a transaction has less information than the other party. For example,
physicians and other healthcare providers usually understand patients' medical options
better than patients do. Unaware of their choices, patients may accept recommendations
for therapies that are not cost-effective or, recognizing their vulnerability to physicians'
self-serving advice, may resist recommendations made in their best interest.
4. What is adverse selection?: A situation that occurs when buyers have better
information than sellers. For example, high-risk consumers are willing to pay more for
insurance than low-risk consumers are. (Organizations that have difficulty distinguishing
high-risk from low-risk consumers are unlikely to be profitable.)
5. What is the problem of scarcity?: Demand for a good or service is greater than the
availability
6. What does it mean to say people are assumed to make choices rationally?:
focuses on individuals' efforts to best realize their goals, given their resources.
7. What does it mean to says resources are scarce?: Anything useful in consumption
or production that has alternative uses.
, 8. What is opportunity cost?: Potential loss from a missed opportunity. Passing up the
next best choice.
9. What does "marginal" refer to?: The examination of the costs and benefits
through a small change in the production of goods
10. What does efficiency refer to?: No way to rearrange production of goods in a way
that makes one person more better off without making somebody else worse off. How well
an economy uses scare resources to meet the needs/wants of their customers
11. How do positive economic statements differ from normative economic
statements?: Positive economics is objective while normative economics is subjective.
Facts/ What is vs What should be
12. How can economics be applied to the health sector?: Describe, Explain, Evaluate,
Plan
13. As we progress through the chapters, think about the special characteristics
that apply to the health sector that might limit the applicability of traditional
economic models.: Social determinants of health, few insurance companies that providers
rely on, not a perfectly competitive market
14. How are healthcare products both outputs and inputs? Can you give an
example?: Products (goods and services are considered products) are commonly both
inputs and outputs. For example, a surgical tool is an input into a surgery and an output of
a surgical tool company. Similarly, the surgery itself can be considered an output of the
surgical team or an input into the health of the patient.
15. What is a life year? And what is it used for in the context of this chapter?: One
additional year of life. It can equal one added year of life for an individual or an average of
1/nth of a year of life for n people. An example is spending $1 million by reducing
childhood obesity and saving thousands of lives or using if for colonoscopies in 81 year
old african american men and saving few lives.
16. What are examples of interventions that have the most impact on life years and
those that have less impact?: Interventions with the most include antismoking, reducing
childhood obesity, and multidisciplinary measurement of heart failure. Interventions with
the least include colonoscopies for african american men who are 81 or 76 and
multidisciplinary heart failure measurement with exercise.
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