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Midterm Quiz Essay

632 words - 3 pages

Multiple-Choice & True/False

30 Multiple-Choice and True/False questions. Please highlight the correct answer. Once completed submit it as an attachment to the Assignment Link:

1. The insight that both parties must be benefiting if they freely agreed to make a trade is known as the fundamental theorem of exchange. True

2. In a two-party transaction, consumers make up the demand side, while sellers make up the supply side. True

3. A recent study showed that 86% of those who filed for bankruptcy had health insurance. False

4. Demand is a professional determination of the quantity that should be supplied. False

5. To determine how many times an individual will visit the doctor, we look only at that individual’s behavior. This is an example of derived demand. False

6. Cost–benefit analysis (CBA) is a set of techniques for assisting in the making of decisions that translates all relevant concerns into market (dollar) terms. True

7. The appropriate measure ...view middle of the document...

People make medical decisions based solely on the type of insurance coverage they have. False

13. The Medicare RBRVS system was designed to rebalance physicians’ incomes across specialties and to provide more payment for thinking and caring. This system was completely successful. False

14. The income of physicians in solo or group private practices mostly comes from fee-for-service payments. True

15. To maximize revenues when providing different types of care, physicians should charge different prices even if their costs are the same for each service, and they should charge a lower price where demand is least price sensitive. False

16. In the United States, physicians not only prescribe drugs; they also sell medications. False

17. Payment systems such as insurance plans have transformed medical care into a
a. public good.

18. Demand curves are _downward_ sloping, because the quantity demanded will always fall as prices rise.
a. downward

19. Economists define derived demand as demand for a good due to its ________, rather than in itself.
b. use

20. ____________ is the increase in total costs caused by the production of one more unit.

d. Marginal cost

21. The _________ and __________ associated with a decision don’t have value in and of themselves; instead, their value depends on the alternatives.

b. costs, benefits

22. All of the following are types of medical costs except:
d. health and productivity.

23. The most common method of protection against the risk of large medical costs is:
a. insurance.

24. Health insurance became more of a necessity as medical care became more:
b. expensive.

25. Insurance breaks the linkage between what the _______ pays and the amount the provider is paid.
d. patient

26. HSA stands for:
a. health savings account.

27. Malpractice is physician failure to meet:
c. professional standards.

28. ____________ is an extension of the agency relationship between doctors and patients to society as a whole.
a. Licensure

29. One of the characteristics of medical markets first noted by economists was that _________ patients pay _____________ prices for the same service.
a. different; different

30. Surreptitious payments in order to obtain business are referred to as:
c. kickbacks.

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