Indicate whether the statement is true or false, and justify your answer.The fact that practicing surgeons who have finished residency earn more than practicing pediatricians implies that the rate of return of choosing surgery exceeds the rate of return of choosing pediatrics for a medical school graduate.
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Indicate whether the statement is true or false, and justify your answer.
The fact that practicing surgeons who have finished residency earn more than practicing pediatricians implies that the
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- Define rate-of-return relative to medical school education.You have been recruited as an expert in health economics to recommend what is the best therapy for a group of patients. In the image below you will find the decision tree showing the probabilities for different health states and outcomes for patients undergoing two possible treatments, No drug therapy and Drug therapy. Based on the expected cost, which therapy would you recommend as the least expensive? Explain how you arrived at your recommendation and show your calculations the space provided. No drug theraphy ? Drug theraphy ? HEALTH STATES PROBABILITIES Remain in Good Health 0.5 Develop disease A 0.2 Develop disease B 0.2 Die 0.1 Remain in Good Health 0.53 Develop disease A 0.16 Develop disease B 0.22 Die 0.09 OUTCOMES (Costs) $0 $400 $300 $200 SO $800 $500 $0The price elasticity of demand for health care has been estimated to be −0.2. Characterize this demand as price elastic, unit price elastic, or price inelastic. The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be such a small number?
- Which concept of market efficiency is violated when health consumption is subsidized for the patient? Overall efficiency Fairness efficiency Normative efficiency Pareto optimalityIndicate whether the statement is true or false, and justify your answer.Disproportionate spending on end-of-life care is never clinically justifiable.While it may seem intuitively obvious that health expenditures will increase as a population age – older people, after all, are less healthy on average than younger people – in fact, several prominent health economists have argued that it is not ageing per se, but rather some of the correlates of an ageing population that cause health expenditures to rise as population ages. For instance, Getzen (1992) argues that, at least in part, rising health expenditures with an ageing population are due to the higher incomes and resources of the older population; health care is a normal good, so higher incomes lead to higher expenditures. In a similar manner, Zweifel et al. (1999) argue that the real problem with an ageing population, at least as far as health care costs are concerned, is that there will be more people who are within a couple of years of dying. Since health care expenditures rise sharply close to the end of life, it is this, rather than population ageing by itself, that leads to…
- discuss some of the benefits and risks of new Health promoters basing their professional identities on established norms within this profession.There is a consensus among health economists that socioeconomic status (SES) has a major impact on health, but health does not have a significant effect on SES. True FalseWhile it may seem intuitively obvious that health expenditures will increase as a population ages – older people after all are less healthy on average than younger people in fact, several prominent health economists have argued that it is not aging per se, but rather some of the correlates of an aging population that cause health expenditures to rise as a population ages. For instance, Getzen (1992) argues that, at least in part, rising health expenditures with an aging population are due to the higher incomes and resources of the older population; health care is a normal good, so higher incomes lead to higher expenditures. In a similar manner, Zweifel et al. (1999) argue that the real problem with an aging population, at least as far as health care costs are concerned, is that there will be more people who are within a couple of years of dying. Since health care expenditures rise sharply close to the end of life, it is this, rather than population aging by itself, that leads to higher…
- improvement in technology usually result in lower cost of production or new and improved consumer goods and services .Assume that an improvement in medical technolgy result in an increase in life expectancy for people 65 years and older . How would this technolgical advance be likely to affect expenditure on health care?Which statement about health insurance in the US is false? Question options: 1) Going back to 1940, only about 10 percent of the US population had any health insurance 2) The share of the under-65 population with private health insurance rose until the 1970s and then plateaued—it remained virtually constant until the implementation of the Affordable Care Act 3) Early on, the health insurance market was dominated by Blue Cross plans, which practiced community rating in setting premiums 4) Measured in percentage points, the drop in the uninsured rate in the nonelderly population between 2013 and 2016 was larger than the increase in the share with private insuranceIn what sense is a cost-of-illness study a technique of economic evaluation? In what sense is it not? What is the primary motivation for doing a cost-of-illness study?