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MHA 710 Exam 1 With 100% Correct And Verified Answers
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MHA 710 Exam 1 With 100% Correct And Verified Answers
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MHA 710 Exam 1 With 100% Correct AndVerified Answers
Whatiisi"economics"?i-iCorrectiAnswer-
AiMapiforidecisionimaking.iEconomicsianalyzesitheial
locationiofiscarceiresources.
Whatiareisomeiofitheispecificichallengesifacedibyima
nagersiinihealthcare?i-iCorrectiAnswer-
1.iTheicentralirolesiofiriskiandiuncertainty
2.iTheicomplexitiesicreatedibyiinsurance
3.iTheiperilsiproducedibyiinformationiasymmetries
4.iTheiproblemsiposedibyinot-for-profitiorganizations
5.iTheirapidiandiconfusingicourseiofitechnicaliandiins
titutionalichange
Whatidoesiasymmetriciinformationimean?
iCaniyouigiveianiexample?i-iCorrectiAnswer-
Whenioneipartyiiniaitransactionihasilessiinformationi
thanitheiotheriparty.iForiexample,iphysiciansiandioth
erihealthcareiprovidersiusuallyiunderstandipatients'i
medicalioptionsibetterithanipatientsido.iUnawareiofit
heirichoices,ipatientsimayiacceptirecommendationsif
oritherapiesithatiareinoticost-
effectiveior,irecognizingitheirivulnerabilityitoiphysici
ans'iself-
servingiadvice,imayiresistirecommendationsimadeiini
theiribestiinterest.
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
,Whatiisiadverseiselection?i-iCorrectiAnswer-
Aisituationithatioccursiwhenibuyersihaveibetteriinfor
mationithanisellers.iForiexample,ihigh-
riskiconsumersiareiwillingitoipayimoreiforiinsuranceit
hanilow-
riskiconsumersiare.i(Organizationsithatihaveidifficult
yidistinguishingihigh-riskifromilow-
riskiconsumersiareiunlikelyitoibeiprofitable.)
Whatiisitheiproblemiofiscarcity?i-iCorrectiAnswer-
Demandiforiaigoodioriserviceiisigreaterithanitheiavail
ability
Whatidoesiitimeanitoisayipeopleiareiassumeditoimakei
choicesirationally?i-iCorrectiAnswer-
focusesioniindividuals'ieffortsitoibestirealizeitheirigo
als,igivenitheiriresources.
Whatidoesiitimeanitoisaysiresourcesiareiscarce?i-
iCorrectiAnswer-
Anythingiusefuliiniconsumptionioriproductionithatih
asialternativeiuses.
Whatiisiopportunityicost?i-iCorrectiAnswer-
Potentialilossifromiaimissediopportunity.iPassingiupit
heinextibestichoice.
Whatidoesi"marginal"ireferito?i-iCorrectiAnswer-
Theiexaminationiofitheicostsiandibenefitsithroughiais
mallichangeiinitheiproductioniofigoods
Whatidoesiefficiencyireferito?i-iCorrectiAnswer-
Noiwayitoirearrangeiproductioniofigoodsiiniaiwayithati
makesioneipersonimoreibetterioffiwithoutimakingiso
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
, mebodyielseiworseioff.iHowiwellianieconomyiusesisca
reiresourcesitoimeetitheineeds/
wantsiofitheiricustomers
Howidoipositiveieconomicistatementsidifferifrominor
mativeieconomicistatements?i-iCorrectiAnswer-
Positiveieconomicsiisiobjectiveiwhileinormativeiecon
omicsiisisubjective.iFacts/iWhatiisivsiWhatishouldibe
Howicanieconomicsibeiapplieditoitheihealthisector?i-
iCorrectiAnswer-Describe,iExplain,iEvaluate,iPlan
Asiweiprogressithroughitheichapters,ithinkiaboutithei
specialicharacteristicsithatiapplyitoitheihealthisectori
thatimightilimititheiapplicabilityiofitraditionaliecono
micimodels.i-iCorrectiAnswer-
Socialideterminantsiofihealth,ifewiinsuranceicompan
iesithatiprovidersirelyion,inotiaiperfectlyicompetitivei
market
Howiareihealthcareiproductsibothioutputsiandiinputs
?iCaniyouigiveianiexample?i-iCorrectiAnswer-
Productsi(goodsiandiservicesiareiconsiderediproduct
s)iareicommonlyibothiinputsiandioutputs.iForiexampl
e,iaisurgicalitooliisianiinputiintoiaisurgeryiandianioutp
utiofiaisurgicalitoolicompany.iSimilarly,itheisurgeryiit
selficanibeiconsideredianioutputiofitheisurgicaliteami
orianiinputiintoitheihealthiofitheipatient.
Whatiisiailifeiyear?
iAndiwhatiisiitiusediforiinitheicontextiofithisichapter?i-
iCorrectiAnswer-
Oneiadditionaliyeariofilife.iIticaniequalioneiaddediyea
riofilifeiforianiindividualiorianiaverageiofi1/
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Vendarsol
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