HADM 6120 Final Exam with All Correct & 100%
Verified Answers |Actual Complete Exam| Already
Graded A+
The 3 major tasks of economics: ✔Correct Answer-Description, Explanation, Evaluation
If the quantity of physician visits increases when the price of physician visits decreases, we can
conclude the causal relation is: ✔Correct Answer-Negative
A general measure of hospital utilization is: ✔Correct Answer-Hospital discharges per 10,000
population
If the expected age of death for a male aged 20 is 75, than a 20 year old man who dies is considered
to have lost how many years of life? ✔Correct Answer-55 years of life
If a person has a medical condition that has a quality of life index of 0.75, and the condition persisted
for two years, then the individual would experience? ✔Correct Answer-1.50 QALYs during that
two-year period
An illustration of a direct care cost is ✔Correct Answer-Healthcare resources used to treat a
patient
The largest public health insurance program in the United States is ✔Correct Answer-Medicaid
In the demand model, the endogenous variable is: ✔Correct Answer-Price
The change in total utility resulting from a unit change in the consumption of a good or services is
called ✔Correct Answer-Marginal utility
If the price of a physician visit it $75, and individual A's own demand for visits is 20 visits, individual
B's own demand for visits is 12 visits, individual A demands 4 visits for individual B, and individual C
demands 2 visits for individual A, what is the social demand for physician visits? ✔Correct Answer-
28 visits
The additional production yielded by the use of one extra unit of a variable input is called
✔Correct Answer-The marginal product
The cost curve that is made up of the minimum cost points at each output level is called the:
✔Correct Answer-Long-run average cost curve
The savings derived from producing different products jointly/simultaneously in the same production
unity is called ✔Correct Answer-Economies of scope
A change in the following factor will cause a movement along a given supply curve ✔Correct
Answer-Price
A factor that causes the marginal cost curve to shift upward will result in: ✔Correct Answer-A
decrease in supply
, If the number of suppliers in the market increases, the supply curve will ✔Correct Answer-Shift
outward
A method of paying hospitals that is based on an amount paid for each day a patient is hospitalized is
✔Correct Answer-Per Diem Payment
Under retrospective payment, the entity incurring all financial risk is ✔Correct Answer-The payer
A type of situation that will result in changes in supply is? ✔Correct Answer-- A change in input
combinations used to produce output by existing suppliers
- An incerase in the capital stock of existing suppliers
- Entry into the market by new suppliers
The analysis of provider behavior involving capital additions has been referred to as ✔Correct
Answer-Long-run analysis
The profit-maximizing monopoliest will set price and quantity such that its ✔Correct Answer-MR =
MC
Charging different prices for the same product to different buyers is called: ✔Correct Answer-Price
Discrimination
The annual or lifetime amounts that the insurance company will pay is called: ✔Correct Answer-
Upper Limit
The cost that has already been committed and cannot be recovered now or in the future is:
✔Correct Answer-Sunk cost
Scarcity is a major cause of many of today's healthcare system problems ✔Correct Answer-True
Economics is the discipline that deals with the consequences of resource scarcity ✔Correct
Answer-True
Descriptive economics involves conducting a cause-and-effect analysis ✔Correct Answer-False
In causal terms, a slope can be expressed as the magnitude or sensitivity of response ✔Correct
Answer-True
Medical care is the process of combining certain inputs to yield output ✔Correct Answer-True
DRGs are a patient classification system ✔Correct Answer-True
Crude rates enable better comparisons among populations ✔Correct Answer-False
Premature deaths occur at an age later than the target age ✔Correct Answer-False
Both wages and non cash benefits are subject to income tax ✔Correct Answer-False
The Affordable Care Act contained a provision for the dramatic expansion of the Medicaid program
✔Correct Answer-True
Verified Answers |Actual Complete Exam| Already
Graded A+
The 3 major tasks of economics: ✔Correct Answer-Description, Explanation, Evaluation
If the quantity of physician visits increases when the price of physician visits decreases, we can
conclude the causal relation is: ✔Correct Answer-Negative
A general measure of hospital utilization is: ✔Correct Answer-Hospital discharges per 10,000
population
If the expected age of death for a male aged 20 is 75, than a 20 year old man who dies is considered
to have lost how many years of life? ✔Correct Answer-55 years of life
If a person has a medical condition that has a quality of life index of 0.75, and the condition persisted
for two years, then the individual would experience? ✔Correct Answer-1.50 QALYs during that
two-year period
An illustration of a direct care cost is ✔Correct Answer-Healthcare resources used to treat a
patient
The largest public health insurance program in the United States is ✔Correct Answer-Medicaid
In the demand model, the endogenous variable is: ✔Correct Answer-Price
The change in total utility resulting from a unit change in the consumption of a good or services is
called ✔Correct Answer-Marginal utility
If the price of a physician visit it $75, and individual A's own demand for visits is 20 visits, individual
B's own demand for visits is 12 visits, individual A demands 4 visits for individual B, and individual C
demands 2 visits for individual A, what is the social demand for physician visits? ✔Correct Answer-
28 visits
The additional production yielded by the use of one extra unit of a variable input is called
✔Correct Answer-The marginal product
The cost curve that is made up of the minimum cost points at each output level is called the:
✔Correct Answer-Long-run average cost curve
The savings derived from producing different products jointly/simultaneously in the same production
unity is called ✔Correct Answer-Economies of scope
A change in the following factor will cause a movement along a given supply curve ✔Correct
Answer-Price
A factor that causes the marginal cost curve to shift upward will result in: ✔Correct Answer-A
decrease in supply
, If the number of suppliers in the market increases, the supply curve will ✔Correct Answer-Shift
outward
A method of paying hospitals that is based on an amount paid for each day a patient is hospitalized is
✔Correct Answer-Per Diem Payment
Under retrospective payment, the entity incurring all financial risk is ✔Correct Answer-The payer
A type of situation that will result in changes in supply is? ✔Correct Answer-- A change in input
combinations used to produce output by existing suppliers
- An incerase in the capital stock of existing suppliers
- Entry into the market by new suppliers
The analysis of provider behavior involving capital additions has been referred to as ✔Correct
Answer-Long-run analysis
The profit-maximizing monopoliest will set price and quantity such that its ✔Correct Answer-MR =
MC
Charging different prices for the same product to different buyers is called: ✔Correct Answer-Price
Discrimination
The annual or lifetime amounts that the insurance company will pay is called: ✔Correct Answer-
Upper Limit
The cost that has already been committed and cannot be recovered now or in the future is:
✔Correct Answer-Sunk cost
Scarcity is a major cause of many of today's healthcare system problems ✔Correct Answer-True
Economics is the discipline that deals with the consequences of resource scarcity ✔Correct
Answer-True
Descriptive economics involves conducting a cause-and-effect analysis ✔Correct Answer-False
In causal terms, a slope can be expressed as the magnitude or sensitivity of response ✔Correct
Answer-True
Medical care is the process of combining certain inputs to yield output ✔Correct Answer-True
DRGs are a patient classification system ✔Correct Answer-True
Crude rates enable better comparisons among populations ✔Correct Answer-False
Premature deaths occur at an age later than the target age ✔Correct Answer-False
Both wages and non cash benefits are subject to income tax ✔Correct Answer-False
The Affordable Care Act contained a provision for the dramatic expansion of the Medicaid program
✔Correct Answer-True
