This quiz works best with JavaScript enabled. Home > Economics > Health Economics > Health Economics – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Health Economics Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the term for a plot of a curve showing the combinations of inputs that can be bought for a sum of money? A) Costquant curve. B) Isocost curve. C) Non-linear production function. D) Isoquant curve. Show Answer Correct Answer: B) Isocost curve. 2. In economics, what brings together the demand for goods from consumers and the supply of those goods from suppliers? A) Company. B) Government. C) Market. D) Bank. Show Answer Correct Answer: C) Market. 3. What is a key strategy to increase efficiency in healthcare? A) Ignore evidence in decisions by care givers and patients. B) Improve evaluation of technologies, care strategies, and providers. C) Eliminate value-based competition for health care dollars. D) Deploy engineering methods to increase variability. Show Answer Correct Answer: B) Improve evaluation of technologies, care strategies, and providers. 4. Factors that affect the supply of health manpower, EXCEPT A) Technology. B) Number of Working hours. C) Money. D) Health insurance plans. Show Answer Correct Answer: C) Money. 5. Inferior goods are those for which demand increases as ..... A) Income decreases. B) Income increases. C) The price of a substitute rises. D) The price of a substitute falls. Show Answer Correct Answer: A) Income decreases. 6. What is the main signal to both consumers and suppliers in a market according to price theory? A) Quantity. B) Brand. C) Quality. D) Price. Show Answer Correct Answer: D) Price. 7. What is the concept of scarcity in economics? A) Unlimited resources to fulfill unlimited wants and needs. B) Limited resources to fulfill unlimited wants and needs. C) Unlimited resources to fulfill limited wants and needs. D) Limited resources to fulfill limited wants and needs. Show Answer Correct Answer: B) Limited resources to fulfill unlimited wants and needs. 8. How non-monetary consequences are transformed into monetary units A) With willingness to pay. B) With the discount rate. C) With market prices. D) With an internet auction. Show Answer Correct Answer: A) With willingness to pay. 9. What is one quality equal to in terms of living in perfect health? A) Two years. B) Three months. C) One year. D) Six months. Show Answer Correct Answer: C) One year. 10. Products that are used in conjunction with each other. A) Substitutes. B) Complements. C) Alternative. D) Expected product. Show Answer Correct Answer: B) Complements. 11. What is the definition of Economics? A) The study of human behavior in response to having limited resources. B) The study of how to fulfill unlimited wants and needs with limited resources. C) The study of human behavior in response to having unlimited resources. D) The study of how to fulfill unlimited wants and needs with unlimited resources. Show Answer Correct Answer: B) The study of how to fulfill unlimited wants and needs with limited resources. 12. What is the term used to describe goods and services for which economic analysis is deemed to be relevant? A) Economic goods. B) Consumer goods. C) Luxury goods. D) Necessities. Show Answer Correct Answer: A) Economic goods. 13. Should the prospect of family members be considered in the cost analysis? A) Yes. B) No. C) It depends. D) None of above. Show Answer Correct Answer: C) It depends. 14. What is the concept of opportunity cost? A) The cost of choosing one alternative over another. B) The cost of resources used in production. C) The cost of producing an additional unit of a good or service. D) The cost of goods and services in the market. Show Answer Correct Answer: A) The cost of choosing one alternative over another. 15. What is the relationship between efficiency and resource costs? A) Efficiency is unrelated to resource costs. B) Efficiency is the maximization of resource costs. C) Efficiency is the minimization of resource costs. D) Efficiency is the equalization of resource costs. Show Answer Correct Answer: C) Efficiency is the minimization of resource costs. 16. In which quadrant of Cost-Effectiveness plane option A is strongly recommended over option B. A) Q1-Top-right. B) Q2-Bottom-right. C) Q3-Bottom-left. D) Q4-Top-left. Show Answer Correct Answer: B) Q2-Bottom-right. 17. What is the purpose of economic evaluation in health programs? A) To chose a program A versus a program B based on efficiency. B) To evaluate the economic impact of an intervention. C) I would like to become a physician so I don't care. D) To describe the different cost items of an intervention. Show Answer Correct Answer: A) To chose a program A versus a program B based on efficiency. 18. Globalization of Indian economy was initiated in the year? A) 1981. B) 1985. C) 1991. D) 1995. Show Answer Correct Answer: C) 1991. 19. What is the threshold cost per quality that most governments fund for new interventions? A) Less than $ 10, 000. B) Between $ 50, 000 and $ 100, 000. C) More than $ 100, 000. D) Less than $ 50, 000. Show Answer Correct Answer: D) Less than $ 50, 000. 20. Which of the following defines the incremental cost-effectiveness ratio (ICER)? A) The difference in cost between two possible interventions, divided by the difference in their effect. B) The ratio between the cost of two possible interventions. C) The utility of the difference in cost between two possible interventions. D) None of above. Show Answer Correct Answer: A) The difference in cost between two possible interventions, divided by the difference in their effect. Next →Related QuizzesEconomics QuizzesHealth Economics Quiz 2Health Economics Quiz 3Health Economics Quiz 4 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books