Opportunity Cost and Financial Analysis Quiz
51 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 (B)</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 (D)</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 (D)</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) (B)</p> Signup and view all the answers

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

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

What does QALY stand for?

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

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

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

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

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

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

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

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

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

What does one DALY represent?

<p>Loss of 1 year in full health (A)</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 (D)</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 (B)</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) (D)</p> Signup and view all the answers

What does RCT stand for?

<p>Randomized Controlled Trial (D)</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 (C)</p> Signup and view all the answers

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

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

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

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

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

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

What does the age weighting function represent?

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

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

<p>Death (A)</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 (A)</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 (D)</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 (A)</p> Signup and view all the answers

What do QALYs measure in economic evaluation?

<p>Quality of health outcomes produced or foregone (A)</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 (B)</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 (A)</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 (A)</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 (A)</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 (A)</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 (A)</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 (D)</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 (B)</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 (C)</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 (B)</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 (C)</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 (D)</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 (A)</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 (C)</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 (A)</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 (C)</p> Signup and view all the answers

What does health economics aim to promote through decision making?

<p>Efficiency and equity in resource allocation (C)</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 (D)</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 (A)</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 (C)</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 (C)</p> Signup and view all the answers

More Like This

Use Quizgecko on...
Browser
Browser