Medical care decisions involve costs as well as benefits. Which of the following statements is true?
a. Return on investment is important when considering any outlay. Often, a more relevant criterion in medical investment is the opportunity cost of the resources in terms of other beneficial uses of the same resources.
b. There is no place for economic considerations in life-and-death situations.
c. The challenge in applying economics to medical care decisions is that there are no good substitutes for medical care.
d. Medical practitioners must not let cost become an issue when recommending treatment options.
a. Return on investment is important when considering any outlay. Often, a more relevant criterion in medical investment is the opportunity cost of the resources in terms of other beneficial uses of the same resources.
You might also like to view...
In the steady state, assuming that a constant share of the population is working,
A) both real GDP per worker and real GDP per capita will grow at the same rate. B) real GDP per worker will grow at a faster rate than real GDP per capita. C) real GDP per capita will grow at a faster rate than real GDP per worker. D) both real GDP per worker and real GDP per capita will remain constant.
If it is not possible for a pharmaceutical drug maker to sell its generic cholesterol reducing drug along with some name brand cholesterol reducing drugs, we have an example of
A) monopoly due to ownership of key resources. B) monopoly due to governmental entry restrictions. C) monopoly due to economies of scale. D) pure competition.
What are the characteristics of oligopoly?
An advantage of using the midpoint method to calculate the price elasticity of demand is that it uses the metric system
a. True b. False Indicate whether the statement is true or false