MHA 710 Exam 1 Questions With Correct
Answers
What is "economics"? - answerA Map for decision making. Economics analyzes the allocation
of scarce resources.
What are some of the specific challenges faced by managers in healthcare? - answer1. The
central roles of risk and uncertainty
2. The co...
What does "marginal" refer to? - answer✔The examination of the costs and benefits through a
small change in the production of goods
What does efficiency refer to? - answer✔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
How do positive economic statements differ from normative economic statements? -
answer✔Positive economics is objective while normative economics is subjective. Facts/ What is
vs What should be
How can economics be applied to the health sector? - answer✔Describe, Explain, Evaluate, Plan
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. - answer✔Social
determinants of health, few insurance companies that providers rely on, not a perfectly
competitive market
How are healthcare products both outputs and inputs? Can you give an example? -
answer✔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.
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