Podcast
Questions and Answers
Which term refers to the value of the best alternative or one choice over another?
Which term refers to the value of the best alternative or one choice over another?
- Marginal cost
- Sunk cost
- Opportunity cost (correct)
- Fixed cost
In the context of costs, which resource is calculated to estimate the resources used to produce a good or service?
In the context of costs, which resource is calculated to estimate the resources used to produce a good or service?
- Opportunity cost (correct)
- Labor
- Volunteers
- Capital
What is an example of opportunity cost?
What is an example of opportunity cost?
- Hiring a new part-time pharmacist versus a currently employed pharmacist (correct)
- Marginal cost
- Volunteers
- Sunk cost
According to economic theory, what is the 'true' cost of a resource?
According to economic theory, what is the 'true' cost of a resource?
Which type of cost refers to the value of the best alternative forgone when a choice is made?
Which type of cost refers to the value of the best alternative forgone when a choice is made?
Which type of cost does not vary with the quantity or volume of the output provided in the short run?
Which type of cost does not vary with the quantity or volume of the output provided in the short run?
What are examples of direct nonmedical costs associated with treatment?
What are examples of direct nonmedical costs associated with treatment?
What are considered as direct medical costs in healthcare?
What are considered as direct medical costs in healthcare?
Which type of cost involves the costs resulting from the loss of productivity due to illness or death?
Which type of cost involves the costs resulting from the loss of productivity due to illness or death?
Which category of cost is related to the healthcare sector costs?
Which category of cost is related to the healthcare sector costs?
