Opportunity Cost in Healthcare Decision Making

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What was the gross NHS expenditure in 2008/9 as a percentage of GDP?

4%

12%

8% (correct)

16%

What is driving the demand for healthcare services according to the text?

Increased incidence and prevalence of cancer (correct)

Reduced usage of new technology

Decreased incidence and prevalence of cancer

Decreasing number of people over 75 years old

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

Rising healthcare expenditure worldwide (correct)

Stagnant population growth

Decreasing demand for healthcare services

Limited access to advanced technology

What will be the number of over 75s by 2031 according to the text?

8.2 million Signup and view all the answers

What is one of the factors contributing to the costs of new technology according to the text?

High expense of new cancer therapies Signup and view all the answers

What is the main purpose of priority setting in healthcare, according to the text?

To focus on treatments that improve the quality and/or length of someone’s life Signup and view all the answers

Which of the following is a level of rationing in the health system mentioned in the text?

How much to allocate to specific interventions within sectors Signup and view all the answers

What are the two forms of rationing mentioned in the text?

Explicit and implicit Signup and view all the answers

Why is health economics important, according to the text?

To make some principles for resource allocation explicit Signup and view all the answers

What are the advantages of explicit rationing, as mentioned in the text?

Transparent, accountable, and opportunity for debate Signup and view all the answers

What is the concept of scarcity in health economics?

The need outstrips resources, so prioritization is inevitable Signup and view all the answers

What does opportunity cost mean in health economics?

The value of the next best alternative use of resources once they have been used Signup and view all the answers

What does health economics aim to promote, according to the text?

Efficiency and equity Signup and view all the answers

What is the financial cost of a nurse?

20,000 USD Signup and view all the answers

What is the opportunity cost of three courses of IVF treatment?

11 cataract removals Signup and view all the answers

What type of efficiency is concerned with choosing between the many needs to be met?

Allocative efficiency Signup and view all the answers

Which type of economic evaluation focuses on quality adjusted life years?

Cost utility analysis Signup and view all the answers

In cost benefit analysis, what can allow comparison with interventions outside healthcare?

Monetary valuation Signup and view all the answers

What method is used to check the effects of assumptions in economic evaluation?

Sensitivity analysis Signup and view all the answers

What measure is used to compare the cost-effectiveness of different uses of resources?

Quality adjusted life years Signup and view all the answers

What does '0' represent on the scale used to measure the quality of life in QALY?

Death Signup and view all the answers

Which formula is used to calculate Years of Life Lost (YLL)?

YLL = N * L Signup and view all the answers

What does '1' represent on the DALY scale?

Death Signup and view all the answers

Which of the following represents the number of healthy years gained?

QALY Signup and view all the answers

What does the term 'YLD' stand for in the DALY calculation formula?

Years Lived with Disability Signup and view all the answers

What is the basic formula for calculating YLD in the DALY calculation?

$YLD = I imes DW imes L$ Signup and view all the answers

What does '0' represent in the DALY scale?

Perfect health Signup and view all the answers

What do health interventions seek to increase?

QALYs Signup and view all the answers

Which of the following is used to value a year lived by a young adult more highly than a year lived by a young child or at older ages?

$C imes e - BX$ Signup and view all the answers