Exam (elaborations)
EC248 Midterm MC (Questions & Answers) 100% Correct!!
- Course
- Institution
EC248 Midterm MC (Questions & Answers) 100% Correct!!
[Show more]
Content preview
Name: Score:122 Multiple choice questions
Definition 1 of 122
The statement is uncertain. While points on the PPF represent efficient combinations, allocative
efficiency depends on whether the chosen combination aligns with societal preferences. It is
possible for some points on the PPF to be allocatively inefficient if they do not match societal
preferences.
1. All production points on the production possibilities frontier are allocatively efficient.
3. Because it increases GDP, increased health care spending is a sign of a robust economy.
8. Uncertainty regarding the effectiveness of a car repair is less than that associated with
health care treatment.
5. The supply curve for tomatoes is less elastic in the short-run than in the long-run.
Term 2 of 122
10. The concept of "need" in health care derives from the presence of externalities in health care
markets
True
False
,Term 3 of 122
*Question 8:*Which statement about opportunity cost is NOT true:
- Opportunity cost is the financial value of the forgone opportunity.
- Opportunity costs are important because resources are limited
.- Opportunity cost is a fundamental economic concept
.- Opportunity cost emphasizes the true social cost of a policy.
- Could be due to a fall in the price of labor or an improvement in technology.
- Cost-effectiveness efficiency takes into account relative input prices.
- Allocative efficiency relates to what society values.
- Opportunity cost is the financial value of the forgone opportunity.
Term 4 of 122
*Question 4:*Which statement best describes allocative efficiency?
- Allocative efficiency results from technical efficiency.
- Allocative efficiency results from cost-effective efficiency.
- Allocative efficiency relates to what society values.
- Allocative efficiency relates to fairness.
- Allocative efficiency relates to what society values.
- Before effective medical treatments became available.
- Sellers have more information than buyers.
- Positive, curvilinear, and variable across most countries.
Term 5 of 122
8. Efficiency is a value-laden concept
True
False
,Term 6 of 122
7. The introduction of Advil likely caused the demand curve for Aspirin to shift inward and become
more elastic.
True
False
Term 7 of 122
9. Within the Grossman health capital framework, an increase in unearned income(e.g., a pension
for a retired person) would be expected to increase the demand for health.
True
False
Term 8 of 122
*Question 4:*Health care
Is the most important determinant of health in OECD countries.
Is the most expensive determinant of health in OECD countries.
Spending continues to grow rapidly in most OECD countries.
Sector is one of the largest sectors in most OECD countries.
Term 9 of 122
5. Doctors who act as perfect agents for their patients will always provide care that is expected to
improve patients' health.
True
False
, Definition 10 of 122
- Evaluator.
*Question 8:*Which statement is NOT true about barriers to entry in a market?
- May occur naturally.
- May arise artificially.
- May be due to large fixed costs.
- Will lead to a monopoly.
*Question 2:*An economic evaluation may be done from any of the following viewpoints
EXCEPT:
- Society
.- Patient.
- Evaluator.
- Health system.
*Question 9:*The economic model of consumer choice does not take into account:
- Individual preferences.
- Individual goals.
- Societal goals.
- Constraints faced.
*Question 1:*The principles of the Canada Health Act include all EXCEPT
- Universality
- Portability
- Equity
- Public Administration
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller stuuviaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now