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ECP 4530 - Chap. 5 Quiz
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Gravity
Health Economics & Policy
Terms in this set (17)
The minimum educational requirement needed to study medicine in Hannover, Germany is
[] Masters degree
[] college degree
[] elementary school equivalence (5th grade)
[] high school diploma
[] all of the choices
high school diploma
Applying the principal-agent model to doctor-patient relationship, the expected or theoretical assignment of roles is:
[] doctor is the agent, patient is the principal
[] patients are really secret agents working for the government
[] doctor is the principal, patient is the agent
[] both doctors and patients are principals
[] both doctors and patients are agents
doctor is the agent, patient is the principal
The problem with doctors working "traditional" hours is
[] doctors are subhuman robots and increasing their hours do not affect their effectiveness
[] the increase in number of handoffs to more doctors will increase the possibility of mistakes
[] fatigue allows the doctor to concentrate more
[] miscommunication because of there will be more doctors involved everyday
[] fatigue makes it harder for doctors to concentrate
fatigue makes it harder for doctors to concentrate
Dr. JD, an oncologist, read a study that concluded that whites are more prone to melanoma than blacks. After reading this, Dr. JD started spending more time with his white patients than black patients. Later on 10 more reliable studies came out debunking the finding and instead concluded NO racial association between melanoma and race. Dr. JD still believed in the previous studies, decides to ignore this and continues to spend more time treating and examining his caucasian patients. When his patients were surveyed, the mortality rates improved (decreased) at the same rate for both blacks and whites. Dr. JD is practicing
[] inefficient statistical discrimination
[] all of the choices
[] efficient statistical discrimination
[] taste discrimination
[] none of the choices
efficient statistical discrimination
Dr. JD, an oncologist, read a study that concluded that whites are more prone to melanoma than blacks. After reading this, Dr. JD started spending more time with his white patients than black patients. Later on 10 more reliable studies came out debunking the finding and instead concluded NO racial association between melanoma and race. Dr. J still believed in the previous studies, decides to ignore this and continues to spend more time treating and examining his caucasian patients. When his patients were surveyed, the mortality rates for whites improved while the mortality rates for blacks got worse.
[] none of the choices
[] efficient statistical discrimination
[] all of the choices
[] inefficient statistical discrimination
[] taste discrimination
inefficient statistical discrimination
In the Michigan study,
[] July effect was NOT found. The criticism however is that the surgical students investigated here are strongly supervised hence more errors
[] July effect was found. The criticism however is that the surgical students investigated here are strongly supervised hence more errors
[] July effect was found. The criticism however is that the surgical students investigated here are strongly supervised hence fewer errors
[] July effect was NOT found. The criticism however is that the surgical students investigated here are strongly supervised hence fewer errors
July effect was NOT found. The criticism however is that the surgical students investigated here are strongly supervised hence fewer errors
Hospital X (doctor-owned) decides to buy more hospital beds even though there is currently excess capacity already (unoccupied hospital beds for a period of time). It turns out that the hospital administrator owns stocks belonging to the manufacturer of the hospital beds ordered. This is an example of
[] all of the choices
[] statistical discrimination
[] taste discrimination
[] defensive medicine
[] physician induced demand
physician induced demand
Which one is a case of physician induced demand ?
[] A hospital where doctors gets extra benefits for ordering more beds from company X decide to double number of hospital beds (ordered from company X) even though the number of hospital admissions have recently decreased.
[] when OBGYNs recommend cesarian section for the safety of the mother
[] A medical school advertises to get more quality applicants
[] all of the choices
[] when an epidemic arose in the town where the hospital was situated, the administrators decide to recruit more doctors and nurses
A hospital where doctors gets extra benefits for ordering more beds from company X decide to double number of hospital beds (ordered from company X) even though the number of hospital admissions have recently decreased.
In the Minnesota study
[] July effect was found. The criticism however is that the cardiovascular field students investigated here are strongly supervised hence more errors
[] July effect was found. The criticism however is that the surgical students investigated here are weakly supervised hence more errors
[] July effect was NOT found. The criticism however is that the cardiovascular field students investigated here are strongly supervised hence less errors
[] July effect was NOT found. The criticism however is that the surgical students investigated here are less supervised hence more errors
July effect was NOT found. The criticism however is that the cardiovascular field students investigated here are strongly supervised hence less errors
Smart people will have _____ discount rates while the lazy slugs will have _____ discount rates
[] 0.3; City Y
[] high; high
[] low; high
[] high; low
[] low; low
low; high
The average _______ individual who can afford college but will forego college and go straight to work are expected to have ______ discount rates and ______ discount factors.
[] lazy; low; high
[] lazy; high; low
[] smart; high; low
[] smart; low; low
lazy; high; low
With a discount rate of 9%, the net present value of $10,000 in year 1 is? rounded-off
[] $5,263
[] $917
[] $9,174
[] $526
$9,174
Job E requires an initial training requiring a tuition in year 1 and paid work in year 2 where the skills from the training will be applied.
Job F provides an salary in year 1 and a slightly higher salary in year 2.
Year 2 salary in Job E is 8 times greater than Year 2 salary in Job F.
Lazy individual chooses ______ and smart individual chooses ______.
[] Job E; Job E
[] Job F; Job F
[] Job E; Job F
[] Job F; Job E
Job F; Job E
Job G: requires for the 1st year a training that will cost of $6,000 but in year 2 it will provide a salary of $40,000.
Job H: will provide a salary of $11,000 in year 1 and a salary of $21,000 in year 2.
Using net present value , the person with a discount rate of 3% will choose
[] both jobs yield the same present value
[] none of the choices
[] Job G
[] Job H
Job G
Given 2 jobs with different income streams, what do we call the discount rate that will make the net present value of both jobs equal?
[] PID
[] principal agent discount rate
[] IRR
[] all of the choices
IRR
BONUS
IRR between jobs J and K is where
[] NPV(job J) x NPV(job K) = 0
[] NPV(job J) LESS NPV(job K) = 0
[] NPV(job J) + NPV(job K) = 0
[] NPV(job J) = NPV(job K) = 0
NPV(job J) LESS NPV(job K) = 0
BONUS
Which of the following turn providers into bad agents for the patient?
[] physician induced demand
[] defensive medicine
[] all of the choices
[] taste discrimination
[] none of the choices
all of the choices
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Verified questions
ECONOMICS
Steady-state rate of unemployment is U/L=s/(s+f). Suppose that the unemployment rate does not begin at this level. Show that unemployment will evolve over time and reach this steady state. (Hint: Express the change in the number of unemployed as a function of s, f, and U. Then show that if unemployment is above the natural rate, unemployment falls, and if unemployment is below the natural rate, unemployment rises.)
ECONOMICS
Suppose that $1000 is misplaced in a non-interest-bearing checking account and forgotten. Each year, the bank imposes a service charge of 1.5%. After 20 years, how much remains of the$1000?
ECONOMICS
To produce 1 unit of a new product, a company determines that the cost for material is $1.50 and the cost of labor is$5. The fixed cost, regardless of sales volume, is $7000. If the cost to a wholesaler is$8.20 per unit, determine the least number of units that must be sold by the company to realize a profit.
ECONOMICS
Give a description of examples of pure competition. Why is pure competition studied despite the fact that there are no purely competitive markets?