Healthcare Economics and Policy UPDATED ACTUAL Exam Questions and CORRECT Answers
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Module
Healthcare Economics and Policy
Institution
Healthcare Economics And Policy
Healthcare Economics and Policy
UPDATED ACTUAL Exam Questions and
CORRECT Answers
opportunity cost is a measure of - CORRECT ANSWER- 1. foregone opportunities
2. value based on the alternative not chosen
the opportunity cost of investing in a new lithotripter is - CORRECT ANSWER- defined
by...
Healthcare Economics and Policy
UPDATED ACTUAL Exam Questions and
CORRECT Answers
opportunity cost is a measure of - CORRECT ANSWER✔✔- 1. foregone opportunities
2. value based on the alternative not chosen
the opportunity cost of investing in a new lithotripter is - CORRECT ANSWER✔✔- defined
by the next best use of the money invested in the equipment
the "invisible hand" using Adam Smith's terminology refers to - CORRECT ANSWER✔✔-
market force working through the price mechanism
charging higher prices for one category of patients in order to provide free or subsidized care
to another category of patients is called - CORRECT ANSWER✔✔- cost shifting
according to economic theory, what is the optimal (best studied) percentage of GDP to be
spent on medical care - CORRECT ANSWER✔✔- there is no widely accepted way to
determine the optimal percentage
what phrase best describes medical care spending in the United States in 2012? - CORRECT
ANSWER✔✔- total spending of more than $2.8 trillion represents 17 percent of GDP and
almost $9000 per capita
the 1974 federal legislation that exempt employers from certain state laws governing health
insurance was - CORRECT ANSWER✔✔- ERISA
which of the following will not change the level of demand for office visits to the physician?
- CORRECT ANSWER✔✔- a change in the price of an office visit
which of the following is not a direct cause of a shift in the medical supply curve -
CORRECT ANSWER✔✔- a change in the percentage of the population with health
insurance
, supply curve are positively- sloped because of - CORRECT ANSWER✔✔- the law of
diminishing returns
a shortage of hospital beds will likely lead to - CORRECT ANSWER✔✔- an increase in the
price of a hospital stay
suppose angioplasty and coronary artery bypass graft (CABG) surgery are substitute
treatment alternatives for coronary artery disease. What should happen to the equilibrium
price and the quantity of angioplasty procedures if new CABG technique is introduced that is
less invasive (requiring a 4 inch incision under the breast bone instead of cracking open the
patients rib cage) and requires one third the recovery period of regular CABG surgery? -
CORRECT ANSWER✔✔- both the price and quantity will decrease
suppose the market for hospital outpatient treatment is in equilibrium when a price ceiling is
set below the equilibrium price. What do you expect to happen? - CORRECT ANSWER✔✔-
a shortage will develop
a physicians' office expenses increase 10 percent, so they decide to raise the price of office
visits. Assuming the demand curve for office visits does not shift, what will happen to the
total number of office visits and practice revenues? - CORRECT ANSWER✔✔- office visits
will fall and total revenue will rise if demand is inelastic
support eh demand curve for medical care services is perfectly inelastic. What will happen to
the the equilibrium price and quantity if supply increases? - CORRECT ANSWER✔✔- price
will fall and quantity will stay the same
within the framework of economics, optimization means providing a good or service until -
CORRECT ANSWER✔✔- marginal benefits and marginal costs are equal
the dead-weight loss from an excise tax - CORRECT ANSWER✔✔- is the lost surplus that
results from higher prices and lower output resulting from the tax
the following graph depicts the market for CT scanners in the United States. Assume an
initial equilibrium at D1 and S1 with the price of $200,000 per machine. If the government
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