EC248 FINAL EXAM WITH THE
COMPLETE SOLUTIONS
characteristics bof ba bwell bfunctioning bmarket b- b bcorrect banswer- b- bno bmarket
bpower
- bno bexternalities
- badequate binformation
3 bstages bof beconomic banalysis b- b bcorrect banswer- b1) bidentification
2) bmeasurement
3) bvaluation
cost beffectiveness banalysis b- b bcorrect banswer- bnumber/ bquantity bof byears
bgained
cost butility banalysis b- b bcorrect banswer- bQALY b- bquantity band bquality bof byears
bgained
cost bbenefit banalysis b- b bcorrect banswer- b- bvalues bhealth boutcome bin bmonetary
bterms
-human bcapital bapproach: bwage brate
, -willingness bto bpay bapproach: bamount bwilling bto bpay
Grossmans bhealth bcapital bmodel b(age) b- b bcorrect banswer- b- bshifts bsupply bcurve
bfor bhealth bcapital bup
- bincreases bmarginal bcost bof bholding bhealth bcapital
Grossmans bhealth bcapital bmodel b(wage brates) b- b bcorrect banswer- b- bincreases
bmarginal bbenefit bof bhealth bcapital
- bincrease bin bwages, bshifts bdemand bcurve bof bhealth bcapital bup
Grossmans bhealth bcapital bmodel b(education) b- b bcorrect banswer- b- bmore
beducation bmakes bpeople bmore befficient bproducers
- bincreases bmarginal bbenefit bof bhealth bcapital
- bshifts bdemand bcurve bof bhealth bcapital bup
five bcharacteristics bof bhealth bcare b- b bcorrect banswer- b1) bderived bdemand
2) binformation basymmetries
3) bexternalities
4) buncertainty
5) bvulnerability bof bindividuals bat bthe btime bthey bconsume bhealth bcare
Need bfor bhealth bcare b- b bcorrect banswer- b- bdoes bnot bdepend bon ban bindividuals
bpreferences
- bdepends bon bhealth bstatus, bavailability bof ban beffective bhealth bcare bthat bcan
bimprove bhealth b& bsocial bjudgement babout bwhat bconstitutes ba bneed bvs ba bwant
- bneed bis ba bdeterminant bof bdemand
Demand bfor bhealth bcare b- b bcorrect banswer- b-expression bof bthe bdesire bto bobtain
bhealth bcare
-depends bon ban bindividuals bpreferences band bresources
Utilization bof bhealth bcare b- b bcorrect banswer- b- bquantity bof bhealth bcare
bconsumed
- bdemand bfor bhealth bcare b(interacted bwith bsupply) bdetermines butilization
- bdirectly bobservable
Individual bdemand bfor bhealth bcare bis bdetermined bby b- b bcorrect banswer- b-
preference b(risk)
-price
-price bof bsubstitutes
-price bof bcomplementary
-income
-health bstatus
-health bcare bproviders
income belasticity bof bhealth bcare bdemand b(individual blevel band baggregate blevel)
b- b bcorrect banswer- bindividual blevel b- binelastic
aggregate blevel b- belastic
COMPLETE SOLUTIONS
characteristics bof ba bwell bfunctioning bmarket b- b bcorrect banswer- b- bno bmarket
bpower
- bno bexternalities
- badequate binformation
3 bstages bof beconomic banalysis b- b bcorrect banswer- b1) bidentification
2) bmeasurement
3) bvaluation
cost beffectiveness banalysis b- b bcorrect banswer- bnumber/ bquantity bof byears
bgained
cost butility banalysis b- b bcorrect banswer- bQALY b- bquantity band bquality bof byears
bgained
cost bbenefit banalysis b- b bcorrect banswer- b- bvalues bhealth boutcome bin bmonetary
bterms
-human bcapital bapproach: bwage brate
, -willingness bto bpay bapproach: bamount bwilling bto bpay
Grossmans bhealth bcapital bmodel b(age) b- b bcorrect banswer- b- bshifts bsupply bcurve
bfor bhealth bcapital bup
- bincreases bmarginal bcost bof bholding bhealth bcapital
Grossmans bhealth bcapital bmodel b(wage brates) b- b bcorrect banswer- b- bincreases
bmarginal bbenefit bof bhealth bcapital
- bincrease bin bwages, bshifts bdemand bcurve bof bhealth bcapital bup
Grossmans bhealth bcapital bmodel b(education) b- b bcorrect banswer- b- bmore
beducation bmakes bpeople bmore befficient bproducers
- bincreases bmarginal bbenefit bof bhealth bcapital
- bshifts bdemand bcurve bof bhealth bcapital bup
five bcharacteristics bof bhealth bcare b- b bcorrect banswer- b1) bderived bdemand
2) binformation basymmetries
3) bexternalities
4) buncertainty
5) bvulnerability bof bindividuals bat bthe btime bthey bconsume bhealth bcare
Need bfor bhealth bcare b- b bcorrect banswer- b- bdoes bnot bdepend bon ban bindividuals
bpreferences
- bdepends bon bhealth bstatus, bavailability bof ban beffective bhealth bcare bthat bcan
bimprove bhealth b& bsocial bjudgement babout bwhat bconstitutes ba bneed bvs ba bwant
- bneed bis ba bdeterminant bof bdemand
Demand bfor bhealth bcare b- b bcorrect banswer- b-expression bof bthe bdesire bto bobtain
bhealth bcare
-depends bon ban bindividuals bpreferences band bresources
Utilization bof bhealth bcare b- b bcorrect banswer- b- bquantity bof bhealth bcare
bconsumed
- bdemand bfor bhealth bcare b(interacted bwith bsupply) bdetermines butilization
- bdirectly bobservable
Individual bdemand bfor bhealth bcare bis bdetermined bby b- b bcorrect banswer- b-
preference b(risk)
-price
-price bof bsubstitutes
-price bof bcomplementary
-income
-health bstatus
-health bcare bproviders
income belasticity bof bhealth bcare bdemand b(individual blevel band baggregate blevel)
b- b bcorrect banswer- bindividual blevel b- binelastic
aggregate blevel b- belastic