Question 1

Investments in human capital include all the following except

Accepted Answer

Investments in human capital refer to activities that improve an individual's productivity, skills, knowledge, health, or other attributes that contribute to their economic value. Saving money for college is a financial decision and preparation rather than a direct investment in one's skills or health. Choices A, C, D, and E directly contribute to increasing an individual's capabilities or health, which are considered investments in human capital.

Question 2

Government regulations and professional licensing of health care providers is a response to the nature of human response to illness and pain. Examples include all the following except

Accepted Answer

Requiring for-profit hospitals to pay income tax is more related to tax policy and the financial operations of hospitals rather than a direct response to the nature of human response to illness and pain. The other options (A, C, D, E) are directly related to ensuring the safety, efficacy, and quality of healthcare services and products, which is a direct response to human health needs.

Question 3

Which of the following statements about the concept of "rationality" is false?

Accepted Answer

Rationality in economic terms assumes that individuals and organizations make decisions that are intended to maximize their utility or achieve their goals, but it does not imply that they are always perfectly rational. People and organizations can make irrational decisions due to lack of information, cognitive biases, or emotional factors.

Question 4

Dr. Getzen differentiates choices people make concerning lifestyle, risk modification measures and illness treatments. Why do health economists seem to concentrate on measuring the illness treatments rather than lifestyle choices?

Accepted Answer

The answer of Dr. Getzen differentiates choices people make concerning...

Question 5

What do economists mean by scarcity? What is a major resource that is scarce for a full-time student who also works night shifts to pay for her education?

Accepted Answer

The answer of What do economists mean by scarcity? What...

Question 6

Jenna pays $400 for a pair of designer eyeglasses. She realizes a week later that she really does not believe they are worth $400 and the eye doctor robbed her and she overpaid. Use the Fundamental Theorem of Exchange to refute her claim.

Accepted Answer

The answer of Jenna pays $400 for a pair of...

Question 7

Explain why the existence of third party payers make people less sensitive to price when buying health care services in the hospital than they would have been in 1929.

Accepted Answer

The answer of Explain why the existence of third party...

Question 8

The university bans use of perfumes and colognes in any office, dorm room, classroom, or other public building on campus. What is the public good that is impacted? What is the cost? What is the benefit?

Accepted Answer

The answer of The university bans use of perfumes and...

Question 9

Who pays for research in the U.S. health care industry?

Accepted Answer

The answer of Who pays for research in the U.S....

Question 10

According to the Centers for Medicare and Medicaid Services, more than a quarter of the Medicare budget goes to paying for medical care incurred during the enrollees' last year of life. What is the opportunity cost of those billions of dollars? Is it relatively low or high? What could be possible alternative uses of that money? List at least a few alternative options and discuss the associated tradeoffs.

Accepted Answer

The answer of According to the Centers for Medicare and...

Quiz 1: Choices: Money, Medicine, and Health