Deck 2: The Role of Economics

Question 1

According to Grossman's economic framework for the study of healthcare demand, which of the following are factors used to produce health?

A) Income
B) Wealth
C) Education
D) Genetics
E)Lifestyle choices

Answer 1

A, B, C, D, E

Question 2

The demand and supply functions for health intersect with one another to establish which of the following?

A) Market economy
B) Market equilibrium
C) Market stability
D) Market predictability

Answer 2

B

Question 3

In what type of evaluation are trends in healthcare expenditures and production analyzed and compared frequently to other healthcare systems around the world?

A) Macroeconomic
B) Microeconomic
C) Pseudoeconomic
D) Hypereconomic

Answer 3

A

Question 4

According to Grossman, on what level is health care one way of modifying the incidence and effect of ill health and disease as it interacts with other determinants of health production?

A) Macro level
B) Micro level
C) Pseudo level
D) Hyper level

Question 5

Health economics is a field of economics that analyzes the behavior of which of the following in the healthcare economy?

A) Consumers
B) Producers
C) Financers
D) Government

Question 6

What is the term of the following definintion.
-Recognizes that choices are made incrementally.

Question 7

What is the term of the following definintion.
-The additional benefit received from consuming the next unit of the good or service.

Question 8

What is the term of the following definintion.
-Additional cost of consuming the next unit of a good or service.

Question 9

What is the term of the following definintion.
-Accomplishes its pricing and exchange of goods and services through a fee-price system.

Question 10

Within the traditional framework of economic optimization, optimal consumption of goods and services is where the marginal benefit from consumption is greater than the marginal cost of consumption.

Question 11

Individuals will continue to purchase goods and services as long as marginal benefit is equal to marginal cost.

Question 12

Often, particularly in the healthcare market, decision makers formulate choices based on incomplete information that can yield non-optimal results compared to when information is freely available.

Question 13

Which of the following maximizes utility or satisfaction from consuming various amounts of goods and services given limited income and the prices of goods and services considered in a given period?

A) Consumers
B) Producers
C) Financers
D) Government