Health Policy and Economics Exam 1 2023 with verified answers
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Course
Health Policy and Economics Ex
Institution
Health Policy And Economics Ex
Scarcity correct answersthere is a limit to the time, energy, and natural resources we have available to the our wants and needs
Microeconomics correct answersPersonal economic decision, business make decisions
Macroeconomics correct answers-Collective choice in whole community
-Ex. Gross Do...
Health Policy and Economics Exam 1
Scarcity correct answersthere is a limit to the time, energy, and natural resources we have available to the our wants and needs
Microeconomics correct answersPersonal economic decision, business make decisions
Macroeconomics correct answers-Collective choice in whole community
-Ex. Gross Domestic Product
Marginal Utility correct answersThe value of consuming 1 additional unit as a good or service
Production Possibility Frontier correct answersHelps determine the most efficient distribution of resources in an economy
Opportunity Cost correct answersThe forgone value of a good or service, which is lost by the production of another (purchase) good or service
What impacts demand curves correct answers1. Price and availability of substitutes 2. Price and availability of complements 3. Personal Income
4. Tates and preferences
Factors that influence the supply curve correct answers1. Input prices
2. Improved Efficiency
High Elasticity correct answersSignificant shifts in supply or demand when prices change
Low Elasticity correct answerssmall shifts in supply or demands when prices change Per capita spending in healthcare in 1965 correct answers$211 ~ 41.9 Billion
Per capita spending on healthcare in 1980 correct answers$1102 ~ 255.7 Billion
Per capita spending on healthcare in 2000 correct answers$4,878 ~ 1, 378 Billion
Per capita spending on healthcare in 2015 correct answers$9,990 ~ %3,200 Billion
How structures of medicare, Medicaid, and private insurance with low co pays impact the demand for healthcare services correct answersDemand- No co pay or deductible
Supply- Medicare paid costs plus 2%
How would raising co pays and deductibles impact demand for healthcare services? correct answersLess people would pay for healthcare services because they cannot afford to pay the the higher co pays or deductibles
What are options available to the government to try at to reduce growth in healthcare spending? correct
answers-Medical utilization review
-HMO's
-Increase in supply of physicians -Medicare DRG Payment -Preferred Provider Discount
-High Detectable Insurance Plans
-Better Chronic Disease Management
-Non-Payment for Medical Error
How much should we spend on healthcare according to free market economist correct answersAs much as people want to spend
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