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HCAD 770 EXAM 1 QUESTIONS & ANSWERS 2024/2025
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HCAD 770 EXAM 1 QUESTIONS & ANSWERS 2024/2025 explicit cost - ANSWERSout of pocket costs; actual payments implicit cost - ANSWERSsubtle, represent cost using resources firm already owns; depreciation of good/materials/equipment economist - ANSWERSsocial scientist who studies specific kin...

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  • October 16, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • hcad 770 exam 1 questions answers

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  • HCAD 770
  • HCAD 770

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HCAD 770 EXAM 1 QUESTIONS &
ANSWERS 2024/2025

explicit cost - ANSWERSout of pocket costs; actual payments



implicit cost - ANSWERSsubtle, represent cost using resources firm already owns; depreciation of
good/materials/equipment



economist - ANSWERSsocial scientist who studies specific kinds of relationships



income, tastes, preferences, quantity - ANSWERSchanges in factors (__________) can be catalyst for
increase in demand



econometrics - ANSWERSdiscipline of using math & statistical techniques to test theories, evaluate
appropriateness of specific assumptions, & understand relationship between subject (price & demand)



consumers, payers/distributors, producers, & subject (MDs, patients, health-related goods & services,
hospital, insurance) - ANSWERSeconomic relationships



microeconomics theory - ANSWERShealth economics rooted in _________________________



utility - ANSWERStheoretical concept that represents satisfaction/happiness (high ___________ = high
happiness); function of individual health & other goods & services one has; individual wants to maximize
this; individual maximizing this is subject to their budget constraints



profit - ANSWERSproducers want to minimize costs of production & maximize __________________



equilibrium price - ANSWERSmarket price agreed on by buyers & sellers

, equilibrium quantity - ANSWERStotal amount of good/service sold in market at equilibrium price



market - ANSWERSin perfectly competitive market, individual sellers take price from ________________
& the _____________ determines the price



healthcare market - ANSWERSmarket where price determined by payers (insurance)



wealth - ANSWERSincome + value of assets



health/income level wealth - ANSWERSbidirectional, circular relationship; linear (not reality)



linear relationship - ANSWERS1 unit of change in x-axis variable results in constant change in y-axis
variable across particular distribution



nonlinear curved line - ANSWERSif income has diminishing effect on health, then graph showing income
(x-axis) & health status (y-axis) isn't straight line = it's a __________________ line



income gradient - ANSWERSgradual impact of income on health



gradient - ANSWERSslope of line representing relationship between 2 variables



1) absolute income hypothesis

2) relative income hypothesis

3) income inequality hypothesis

4) deprivation hypothesis

5) relative position (rank) hypothesis - ANSWERSincome health theories (5)



absolute income hypothesis - ANSWERStheory growth in income leads to increase in purchases or
consumption of goods & services; high income = low mortality & low morbidity; income is only factor,
but reality is multiple factors drive decisions (standard of living, access to services, insurance status)

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