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Opportunity Cost and Financial Analysis Quiz
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Opportunity Cost and Financial Analysis Quiz

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@LogicalStarlitSky

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Questions and Answers

What is the impact of scarce resources on the work of doctors?

  • Increased job satisfaction and motivation
  • Decreased workload and stress levels
  • Improved patient outcomes and satisfaction
  • Difficult decision making and ethical dilemmas (correct)

    • Why do healthcare systems worldwide confront the problem of allocating limited healthcare resources?

  • To reduce the overall quality of healthcare services
  • To ensure excessive spending on unnecessary treatments
  • To limit patient access to essential medical care
  • To meet the demands of increasing population and healthcare needs (correct)

    • What is the inevitability faced by healthcare systems in relation to resource allocation?

  • Necessity of rationing in healthcare systems (correct)
  • Unlimited financial support for healthcare expenditures
  • Eradication of all competing demands
  • Overwhelming surplus of available resources

    • What is the primary driver of increased demand for healthcare services according to the provided text?

    <p>Advancements in medical technology</p> Signup and view all the answers

    What is a key factor contributing to the rising healthcare expenditure worldwide according to the given information?

    <p>Costs of new and expensive cancer therapies</p> Signup and view all the answers

    What is the significance of the real terms growth of 3-4% in healthcare expenditure mentioned in the text?

    <p>It highlights the need to manage the increasing healthcare costs</p> Signup and view all the answers

    What is the primary metric used by the World Health Organization to assess the global burden of disease?

    <p>Disability-Adjusted Life-Year (DALY)</p> Signup and view all the answers

    In the EQ-5D, how many levels are there for measuring mobility?

    <p>5 levels</p> Signup and view all the answers

    What does QALY stand for?

    <p>Quality-Adjusted Life-Year</p> Signup and view all the answers

    What is the cost per QALY for smoking cessation according to NICE?

    <p>$430</p> Signup and view all the answers

    What is measured using the Disability-Adjusted Life-Year (DALY)?

    <p>Burden of mortality and morbidity</p> Signup and view all the answers

    What is the primary criticism of QALYs mentioned in the text?

    <p>All of the above</p> Signup and view all the answers

    What is used to measure the severity of disability in the calculation of DALY?

    <p>Disability weight</p> Signup and view all the answers

    What does one DALY represent?

    <p>Loss of 1 year in full health</p> Signup and view all the answers

    What does the incremental cost-effectiveness ratio (ICER) represent?

    <p>Change in costs in relation to the change in health status</p> Signup and view all the answers

    What is used to assess cost-effectiveness by integrating the QALY score with the price of treatment?

    <p>'Cost per QALY' figure</p> Signup and view all the answers

    What is a common alternative to QALYs as mentioned in the text?

    <p>Disability Adjusted Life Years (DALYs)</p> Signup and view all the answers

    What does RCT stand for?

    <p>Randomized Controlled Trial</p> Signup and view all the answers

    What does a disability weight of 0 represent in the context of QALY and DALY?

    <p>Perfect health</p> Signup and view all the answers

    How is the cost-effectiveness of different programs described in terms of?

    <p>Cost per DALY averted</p> Signup and view all the answers

    What is the basic formula for calculating YLL (Years of Life Lost)?

    <p>YLL = N X L</p> Signup and view all the answers

    What does YLD (Years Lost due to Disability) measure?

    <p>Number of healthy years lost</p> Signup and view all the answers

    According to the text, what is the leading cause of attributable global mortality and burden of disease?

    <p>High blood pressure</p> Signup and view all the answers

    What is the social preference related to valuing a year lived by a young adult?

    <p>Valued more highly than a year lived by a young child</p> Signup and view all the answers

    What does the age weighting function represent?

    <p>The social role in caring for young and old</p> Signup and view all the answers

    What does a disability weight of 1 represent in the context of DALY?

    <p>Death</p> Signup and view all the answers

    What is the formula for calculating YLD (Years Lost due to Disability) according to the text?

    <p>YLD = I / DW / L</p> Signup and view all the answers

    What is the cost-effectiveness of different programs described in terms of according to the text?

    <p>Cost per DALY averted</p> Signup and view all the answers

    In economic evaluation, what is the focus of a cost minimization analysis?

    <p>Assuming outcomes to be equivalent and focusing only on costs</p> Signup and view all the answers

    What do QALYs measure in economic evaluation?

    <p>Quality of health outcomes produced or foregone</p> Signup and view all the answers

    What is the primary difficulty of using cost benefit analysis in economic evaluation?

    <p>Putting monetary value on non-monetary benefits</p> Signup and view all the answers

    Which type of economic evaluation compares drugs or interventions with a common health outcome?

    <p>Cost effectiveness analysis</p> Signup and view all the answers

    What does a cost utility analysis focus on in economic evaluation?

    <p>Quality of health outcomes produced or foregone</p> Signup and view all the answers

    What does the term 'willingness to pay' often refer to in the context of economic evaluation?

    <p>Putting monetary value on non-monetary benefits</p> Signup and view all the answers

    What is the aim of economics in relation to resource allocation?

    <p>To ensure that activities are done whose benefits outweigh their opportunity cost</p> Signup and view all the answers

    What is the primary focus of a cost benefit analysis in economic evaluation?

    <p>Valuing all inputs and outputs in monetary terms</p> Signup and view all the answers

    Why is cost minimization analysis not often relevant in economic evaluation?

    <p>It assumes outcomes to be equivalent and focuses only on costs, which is rarely true</p> Signup and view all the answers

    What do QALYs assume about the relationship between perfect health and quality-adjusted life years?

    <p>They assume that 1 year in perfect health = 10 years with a quality of life of 0.10 perfect health</p> Signup and view all the answers

    What is the fundamental purpose of using QALYs in economic evaluation?

    <p>To allow broad comparisons across differing programmes</p> Signup and view all the answers

    What method can be used to check the effects of assumptions made in economic evaluation?

    <p>Sensitivity analysis can be used to check effects of assumptions made</p> Signup and view all the answers

    What is the primary goal of health economics?

    <p>Maximizing social benefits within the constraints of limited resources</p> Signup and view all the answers

    What does explicit rationing in healthcare involve?

    <p>Transparently and accountably limiting care with clear reasoning behind the decisions</p> Signup and view all the answers

    What is the concept of opportunity cost related to in health economics?

    <p>The next best alternative use of resources when a decision is made</p> Signup and view all the answers

    Why do healthcare systems worldwide confront the problem of allocating limited healthcare resources?

    <p>Due to the scarcity of resources and the increasing demand for healthcare services</p> Signup and view all the answers

    What are the 5 levels of rationing in the health system mentioned in the text?

    <p>Deterrent, Delay, Deflection, Dilution, Denial</p> Signup and view all the answers

    What is a common form of implicit rationing mentioned in the text?

    <p>Rationing based on clinical need within overall budgetary constraints</p> Signup and view all the answers

    What does health economics aim to promote through decision making?

    <p>Efficiency and equity in resource allocation</p> Signup and view all the answers

    What is the primary reason for setting priorities in healthcare according to the text?

    <p>To focus on treatments that improve the quality and/or length of someone’s life while being an effective use of resources</p> Signup and view all the answers

    What is a disadvantage of explicit rationing in healthcare according to the text?

    <p>(i) Complex; (ii) Heterogeneity of patients and illnesses; (iii) Threat to clinical freedom; (iv) Evidence of patient distress</p> Signup and view all the answers

    What does implicit rationing at the point of service take into account according to the text?

    <p>The complexity of medical decisions and the needs and personal and cultural preferences of patients</p> Signup and view all the answers

    What does health economics provide, according to the text?

    <p>A way of thinking and a set of techniques to assist decision making that promotes efficiency and equity in resource allocation</p> Signup and view all the answers

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