WGU D223 HEALTHCARE POLICY AND
ECONOMICS EXAM SCRIPT VERIFIED
QUESTIONS WITH ACCURATE ANSWERS
●● Opportunity Cost
Answer: Cost of the next best alternative use of money, time, or
resources when one choice is made rather than another
●● Marginal Analysis
Answer: analysis that involves comparing marginal benefits and
marginal costs
●● Self Interest
Answer: an individual's own personal gain
●● Markets and Pricing
Answer:
●● Supply
Answer: The amount of goods available
●● Demand
,Answer: the desire to own something and the ability to pay for it
●● Competition
Answer: the struggle among producers for the dollars of consumers
●● Efficiency
Answer: using resources in such a way as to maximize the production of
goods and services
●● Market Failure
Answer: a situation in which the market does not distribute resources
efficiently
●● Comparative Advantage
Answer: The ability of a country to produce a good at a lower cost than
another country can.
●● Is the healthcare market's transition currently in a crisis?
Answer: - lack of primary care doctors
- removal of the individual mandate - creates high risk pools, less
people have health insurance
- asymmetric information between the doctor and patient
, ●● The Law of Demand
Answer: There is an inverse relationship between the amount of a
commodity that a person will purchase and the sacrifice that must be
made to obtain it.
●● When is there economic optimization
Answer: MB=MC
●● Factors that affect demand and quantity demanded
Answer: - preference
- price of other products
- info on a product
- income
- expectations of price and availability
●● Formula of price elasticity of demand
Answer: % change in quantity demanded / % change in price
●● Price Elasticity of demand
Answer: Measures consumer responsiveness to a change in price,
holding other variables constant.
●● Perfectly elastic demand
ECONOMICS EXAM SCRIPT VERIFIED
QUESTIONS WITH ACCURATE ANSWERS
●● Opportunity Cost
Answer: Cost of the next best alternative use of money, time, or
resources when one choice is made rather than another
●● Marginal Analysis
Answer: analysis that involves comparing marginal benefits and
marginal costs
●● Self Interest
Answer: an individual's own personal gain
●● Markets and Pricing
Answer:
●● Supply
Answer: The amount of goods available
●● Demand
,Answer: the desire to own something and the ability to pay for it
●● Competition
Answer: the struggle among producers for the dollars of consumers
●● Efficiency
Answer: using resources in such a way as to maximize the production of
goods and services
●● Market Failure
Answer: a situation in which the market does not distribute resources
efficiently
●● Comparative Advantage
Answer: The ability of a country to produce a good at a lower cost than
another country can.
●● Is the healthcare market's transition currently in a crisis?
Answer: - lack of primary care doctors
- removal of the individual mandate - creates high risk pools, less
people have health insurance
- asymmetric information between the doctor and patient
, ●● The Law of Demand
Answer: There is an inverse relationship between the amount of a
commodity that a person will purchase and the sacrifice that must be
made to obtain it.
●● When is there economic optimization
Answer: MB=MC
●● Factors that affect demand and quantity demanded
Answer: - preference
- price of other products
- info on a product
- income
- expectations of price and availability
●● Formula of price elasticity of demand
Answer: % change in quantity demanded / % change in price
●● Price Elasticity of demand
Answer: Measures consumer responsiveness to a change in price,
holding other variables constant.
●● Perfectly elastic demand
