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HSC2391 HEALTH ECONOMICS EXAM 1 QUESTIONS WITH SOLUTIONS; GRADED A+
This exam gives a comprehensive revision summary for scholar to achieve great heights in HEALTH ECONOMICS courses
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HSC2391 HEALTH ECONOMICS EXAM 1QUESTIONS WITH SOLUTIONS
Why should we be concerned about the percent of GDP spent on healthcare? - 20% of GDP is spent on
healthcare on healthcare. If you think about spending 20% of your paycheck on something, it is major
and it matters.
Production Function - The relationship between inputs and outputs
Marginal Cost vs. Total cost - the change in the total cost that arises when the quantity produced is
incremented by one unit
Diminishing Returns - Increase at a decreasing rate; as the input increases, the output also increases but
at a lower rate
Production Possibility Curve - A and B- Possible and efficient
C- Possible but inefficient
D- Impossible
Flat of the curve - point where an increase in input will not make a significant difference in output
What can economists contribute to the study of health issues? - -determine
- Scarcity
- Opportunity cost
- Shortage and surplus
- Benefits and costs of competition
- Consumer choices
- Total vs marginal cost
- Law of diminishing marginal utility
- Law of diminishing returns
- Production function
Positive Statement - Fact-based statement
Normative Statement - Subjective, value-based statement
Opportunity Cost - the cost associated with making one decision over another
-ex: choose to study instead of going to the movies, the opportunity cost is losing out on enjoying the
movi
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