This quiz works best with JavaScript enabled. Home > Finance > Economics > Health Economics > Health Economics – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Health Economics Quiz 1 (30 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) Isoquant curve. C) Isocost curve. D) Non-linear production function. Show Answer Correct Answer: C) Isocost curve. 2. In economics, what brings together the demand for goods from consumers and the supply of those goods from suppliers? A) Government. B) Market. C) Bank. D) Company. Show Answer Correct Answer: B) 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) Money. B) Technology. C) Health insurance plans. D) Number of Working hours. Show Answer Correct Answer: A) 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 an internet auction. B) With market prices. C) With willingness to pay. D) With the discount rate. Show Answer Correct Answer: C) With willingness to pay. 9. What is one quality equal to in terms of living in perfect health? A) Six months. B) Two years. C) One year. D) Three months. Show Answer Correct Answer: C) One year. 10. Products that are used in conjunction with each other. A) Expected product. B) Substitutes. C) Alternative. D) Complements. Show Answer Correct Answer: D) 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) Necessities. C) Luxury goods. D) Consumer goods. 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 the maximization of resource costs. B) Efficiency is the minimization of resource costs. C) Efficiency is the equalization of resource costs. D) Efficiency is unrelated to resource costs. Show Answer Correct Answer: B) Efficiency is the minimization of resource costs. 16. In which quadrant of Cost-Effectiveness plane option A is strongly recommended over option B. A) Q2-Bottom-right. B) Q4-Top-left. C) Q3-Bottom-left. D) Q1-Top-right. Show Answer Correct Answer: A) Q2-Bottom-right. 17. What is the purpose of economic evaluation in health programs? A) To evaluate the economic impact of an intervention. B) I would like to become a physician so I don't care. C) To chose a program A versus a program B based on efficiency. D) To describe the different cost items of an intervention. Show Answer Correct Answer: C) To chose a program A versus a program B based on efficiency. 18. Globalization of Indian economy was initiated in the year? A) 1985. B) 1995. C) 1991. D) 1981. 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. 21. What are the components of the DALY A) 1-QALY. B) YLLs + YLDs. C) YLDs + Life Expectancy. D) YLGs + YLDs. Show Answer Correct Answer: B) YLLs + YLDs. 22. Decline in mortality and fertility from the high rates characteristics of modern and high-income societies. A) Demographic Transition. B) Enabling Factor. C) Pre-disposing Factor. D) Concept. Show Answer Correct Answer: A) Demographic Transition. 23. Which of the following correctly define a QALY? A) 1 year of perfect health for one person. B) 1 year additional survival time for one person. C) 1 year of life lost due to suboptimal healthcare for 1 person. D) None of above. Show Answer Correct Answer: A) 1 year of perfect health for one person. 24. What is the study of how society decides what, how and for whom to produce? A) Chemistry. B) Economics. C) Physics. D) Biology. Show Answer Correct Answer: B) Economics. 25. It is a method of pooling risk so that one person's loss is shared across many people rather than being borne by the person alone. A) Insurance. B) Health Insurance. C) Worker Insurance. D) Healthcare Insurance. Show Answer Correct Answer: B) Health Insurance. 26. What is the relationship between price and quantity supplied according to the law of demand and supply? A) As price increases, quantity supplied decreases. B) As price remains constant, quantity supplied decreases. C) As price decreases, quantity suppled increases. D) As price increases, quantity supplied increases. Show Answer Correct Answer: D) As price increases, quantity supplied increases. 27. Characterized by the socioeconomic condition of the people A) Social Health. B) Societal Health. C) Spiritual Health. D) Income and Health. Show Answer Correct Answer: B) Societal Health. 28. When supply and demand are equal (i.e. when the supply function and demand function intersect) the economy is said to be at A) Equilibrium. B) Excess Supply. C) Disequilibrium. D) Balance. Show Answer Correct Answer: A) Equilibrium. 29. Which management strategy can help improve efficiency while decreasing cost? A) Reducing accuracy of information. B) Ignoring employee satisfaction. C) Improving financial planning. D) Increasing resource costs. Show Answer Correct Answer: C) Improving financial planning. 30. What is the term used to describe goods and services that are scarce relative to our wants for them? A) Excessive goods. B) Abundant goods. C) Plentiful goods. D) Economic goods. Show Answer Correct Answer: D) Economic goods. Next →Related QuizzesEconomics QuizzesFinance QuizzesHealth Economics Quiz 2Health Economics Quiz 3 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books