Ec248 exam - Study guides, Class notes & Summaries

The principles of the Canada Health Act include all EXCEPT Universality Portability Equity Public Administration - Equity The following is not a measure of health outcome: Number of physicians per capita. Population incidence of malaria. Death rate for children under the age of 5. Estimated men's lifespan. - Number of physicians per capita.

Chapter 7 - risk because there is a fear of the unknown - forfeiting income in good times to get money in bad times - Demand for Insurance U'(1)>0, utility increases with income U''(1)<0, marginal utility for income is declining - Risk Aversion - probability of sickness= P (between 0 and 1) - probability healthy= 1-p - Is= income if sick - IH>Is= income if healthy E(I)= PIs + (1-P)U(IH) - Uncertainty

characteristics of a well functioning market - - no market power - no externalities - adequate information 3 stages of economic analysis - 1) identification 2) measurement 3) valuation cost effectiveness analysis - number/ quantity of years gained cost utility analysis - QALY - quantity and quality of years gained cost benefit analysis - - values health outcome in monetary terms -human capital approach: wage rate -willingness to pay approach: amount willing to pay

2 gov't options to improve social welfare in the presence of externalities - pigouvian tax/subsidy coasian bargaining two conditions of the coase theorem - 1. property rights are well defined 2. transaction/bargaining costs are low 3 reasons why physicians are not perfect agents of care - 1. overutilization of care 2. physician-induced demand/ defensive medicine 3. racial discrimination 3 types of hospital-physician relationships - 1. "physician's workbench": not directly employed b...

EC248 Final Exam Questions With Complete Solutions.

EC248 Exam Review questions & Answers/ Rated A+ An instructor was explaining the standard model for the demand and supply of health care to her class. She was explaining how public health insurance did not result in the socially optimal outcome. One of her students asked if there were any conditions to reduced the welfare loss to society. All of the following EXCEPT could be included externalities moral hazard imperfect competition income effects - -moral hazard Evidence shows that...

EC248 Final Exam questions with correct answers

EC248 Final Exam questions with correct answers

EC248 Final Exam questions with correct answers

EC248 Final Exam questions with correct answers