QUIZZES

Question 1

Healthcare economics involves the study of how resources are (?) in the healthcare sector to meet the needs of individuals and communities.

Answer 1

ALLOCATED

Question 2

(?) refers to the overall cost of medical care and its impact on individuals, governments, and private organizations.

Answer 2

HEALTHCARE SPENDING

Question 3

The principle of (?) in healthcare suggests achieving the maximum benefit using limited resources.

Answer 3

EFFICIENCY

Question 4

(?) is a financial mechanism that protects individuals from high medical expenses by spreading risk across a larger population.

Answer 4

HEALTH INSURANCE

Question 5

When analyzing the demand for healthcare services, economists often study the effect of (?) on consumer behavior.

Answer 5

PRICE

Question 6

A common measure of a country’s healthcare expenditure is its (?), which represents the percentage of GDP spent on healthcare.

Answer 6

HEALTH SPENDING AS SHARE OF GDP

Question 7

(?) are US government programs designed to provide healthcare coverage to low-income individuals.

Answer 7

MEDICAID

Question 8

(?) is a major challenge in healthcare economics, referring to inefficient allocation of resources

Answer 8

MARKET FAILURE

Question 9

The study of (?) examines the relationship between healthcare spending and health outcomes

Answer 9

HEALTH ECONOMICS

Question 10

In a free-market system, (1) and (2) determine the price and quantity of healthcare services available.

Answer 10

(1) SUPPLY; (2) DEMAND

Question 11

(?) refers to the cost of producing healthcare services, including labor, equipment, and facilities.

Answer 11

HEALTHCARE COST

Question 12

Health economists analyze the concept of (?) to assess the value of medical interventions in terms of cost versus benefits.

Answer 12

COST-EFFECTIVENESS

Question 13

(?) is a measure of how responsive consumers are to changes in the price of healthcare services

Answer 13

PRICE ELASTICITY

Question 14

The presence of (?) in healthcare markets can lead to higher prices and reduced efficiency.

Answer 14

EXTERNALITIES

Question 15

(?) is a payment system in which providers receive a set amount per patient for a specified period.

Answer 15

CAPITATION

Question 16

(?) is the concept of making healthcare accessible and affordable for all citizens.

Answer 16

UNIVERSAL HEALTHCARE

Question 17

(?) are policies that regulate the quality and cost of healthcare services.

Answer 17

GOVERNMENT POLICY or HEALTHCARE REGULATIONS

Question 18

In healthcare economics, the term (?) refers to when one party has more information than the other, leading to imbalanced transactions.

Answer 18

INFORMATION ASSYMETRY

Question 19

(?) involves comparing the costs and benefits of different healthcare interventions to guide policy decisions.

Answer 19

COST-BENEFIT ANALYSIS

Question 20

(?) is a key consideration for ensuring the long-term sustainability of healthcare financing.

Answer 20

COST CONTAINMENT

Question 21

(?) refers to the financial protection against medical costs, ensuring access to necessary healthcare without financial hardship.

Answer 21

HEALTH INSURANCE

Question 22

In healthcare markets, (?) occurs when providers have an incentive to offer unnecessary services to increase revenue.

Answer 22

EXCESSIVE INSURANCE

Question 23

(?) is the practice of comparing the effectiveness and cost of different medical interventions to inform decision-making.

Answer 23

COST-EFFECTIVENESS ANALYSIS

Question 24

The principle of (?) ensures that healthcare services are distributed fairly, giving priority to those in greatest need.

Answer 24

ECONOMICS

Question 25

(?) refers to the financial burden individuals face due to healthcare expenses that are not covered by insurance.

Answer 25

OUT-OF-POCKET SPENDING

Question 26

A (?) is a healthcare payment model in which providers are paid a fixed amount per patient, regardless of services rendered.

Answer 26

CAPITATION

Question 27

(?) is the imbalance in healthcare access and quality across different regions, socioeconomic groups, and demographic categories.

Answer 27

HEALTHCARE DISPARITIES

Question 28

(?) is a government initiative aimed at providing financial support to healthcare facilities in underserved regions.

Answer 28

AFFORDABLE CARE ACT

Question 29

(?) refers to the unintended consequences in healthcare markets when insurance coverage influences consumer behavior and healthcare utilization.

Answer 29

MORAL HAZARD

Question 30

In health care market, third parties exist — the (1), (2), and (3) who often have zero interest in healthcare outcomes

Answer 30

(1) INSURERS; (2) GOVERNMENTS; (3) UNWITTING BYSTANDERS

Question 31

(?) arises when a person engages in an activity that influences the well-being of a bystander but neither pays or receives compensation for that effect

Answer 31

EXTERNALITIES

Question 32

Because buyers and sellers neglect the external effects of their actions when deciding how much to demand or supply, the externality can render the unregulated market outcome (?)

Answer 32

INEFFICIENT

Question 33

If one person vaccinates themselves against a disease, they are likely to catch it. But because they are likely to catch it, she is less likely to become a carrier and infect other people. Thus, getting vaccinated conveys a (?)

Answer 33

POSITIVE EXTERNALITY

Question 34

(?) is the tendency of a person who is imperfectly monitored to engage in dishonest or otherwise undesirable behavior

Answer 34

MORAL HAZARD

Question 35

To mitigate moral harzards, insurance companies implement measures like charging a (?) and applying strict rules on covering tests to prevent unnecessary expenses

Answer 35

CO-PAY PER DOCTOR VISIT

Question 36

(?) this occurs when individuals with higher health risks are more likely to buy insurance, leading to higher costs for insurers. As premiums rise to cover sick individuals, healthier people may opt out, further increasing prices and destabilizing the insurance market

Answer 36

ADVERSE SELECTION

Question 37

PhilHealth (PHIC) operates using a (?) mechanism where contributions from members, employers, and the government, are collected to cover the healthcare expense of those in need

Answer 37

RISK POOLING

Question 38

Reducing (?) expenses which is crucial in preventing individuals from falling into catastrophic health expenditures

Answer 38

OUT-OF-POCKET

Question 39

In 2023, the Philippines’ total health expenditures reached (?), marking a 17.0% increase from ₱1.23 TRILLION in 2021

Answer 39

₱1.44 TRILLION

Question 40

Healthcare demand is generally (?) meaning that even significant changes in prices often lead to only small changes in the quantity demanded.

Answer 40

INELASTIC

Question 41

Healthcare is inelastic, because?

Answer 41

HEALTHCARE IS A NECESSITY

Question 42

Patients often lack (?) about the actual costs of services, making it harder for them to make price-based decisions

Answer 42

INFORMATION

Question 43

Healthcare decisions are often emotional rather than rational that leads to price (?)

Answer 43

INSENSITIVITY

Question 44

Improving health (?) refers to educating the public about healthcare options and pricing encourages smart decision-making

Answer 44

LITERACY

Question 45

Addressing (?) and ensuring ethical medical practices can create a more balanced healthcare environment, fostering trust and reducing financial exploitation.

Answer 45

INFORMATION ASSYMETRY

Question 46

Promoting (?), requires hospitals and clinics to publish prices for common procedures allows patients to make informed choices

Answer 46

PRICE TRANSPARENCY

Question 47

The household out-of-pocket payment had the highest contribution among healthcare financing schemes in 2023, with 44.4% to share to the total Current Health Expenditure. This was followed by government schemes and compulsory contributory health care financing schemes with (A) share and voluntary health care payment schemes with (B)

Answer 47

(A) 42.6%; (B) 13%

Question 48

The health expenditure accounted for (?) of the GDP in 2023, up from (?) in 2022

Answer 48

5.9% (2023); 5.6% (2022)

Question 49

In a typical market, a seller delivers a good or service to a buyer, who in exchange pays the seller a (1). In healthcare, the provider delivers healthcare to the patient but the provider is (2)

Answer 49

(1) MARKET-DETERMINED PRICE; (2) PAID BY AN INSURER

Question 50

In 2023, (?) is the share of out-of-pocket expense to GDP

Answer 50

44.4%

Question 51

(?) branch of social science that studies how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. It examines the production, distribution, and consumption of goods and services.

Answer 51

ECONOMICS

Question 52

Economics is often called the "science of (?)" because resources (like money, land, time, and labor) are limited, but human wants are unlimited.

Answer 52

SCARCITY

Question 53

In simple terms, it's about making (1) whether it's a person deciding (2), a (3), or a (4).

Answer 53

(1)CHOICES; (2) HOW TO SPEND THEIR SALARY; (3) BUSINESS CHOOSING WHAT TO PRODUCE; (4) GOVERNMENT DECIDING HOW TO ALLOCATE TAXES

Question 54

(?) branch of economics that studies how individual consumers, businesses, and markets make decisions about allocating limited resources. It focuses on supply and demand, pricing, production costs, and market behavior at a small-scale level.

Answer 54

MICROECONOMICS

Question 55

(?) examines factors like consumer choices, business competition, labor wages, and market efficiency. Its goal is to understand how these individual decisions influence overall economic outcomes.

Answer 55

MICROECONOMICS

Question 56

Branch of economics that looks at the economy as a whole-national income, inflation, unemployment, and government policies; looks at the big picture-how an entire country's economy grows, shrinks, or faces problems like high prices (inflation), job loss (unemployment), and national income.

Answer 56

MACROECONOMICS

Question 57

Importance of Health Economics (5)

Answer 57

1. Understand human behavior 2. Improve resource allocation 3. Promote economic growth 4. Reduce poverty and inequality 5. Stabilize the economy

Question 58

According to the Law of Demand, when the price of a product (?), the quantity demanded increases, and vice versa. Consumers prefer to buy more when prices are low and less when prices are high.

Answer 58

DECREASES

Question 59

Law of Supply: When the price of a product increases, the quantity supplied (?) and vice versa.

Answer 59

INCREASES

Question 60

When the quantity demanded equals the quantity supplied.

Answer 60

EQUILIBRIUM POINT

Question 61

Economics helps businesses, like Grab, maximize profits by analyzing consumer behavior, pricing strategies, and production costs. Firms use economic principles to assess supply and demand, forecast market trends, and allocate resources efficiently.

Answer 61

BUSINESS AND FINANCE

Question 62

Economic principles help assess the impact of automation, artificial intelligence, and technological advancements on industries, employment, and productivity. The rise of e-commerce (e.g., Lazada, Shopee) has shifted consumer spending habits and affected physical retail stores. Companies must adapt by investing in digital platforms (paymaya, gcash, grab/lalamove/other systems) or risk losing market share.

Answer 62

TECHNOLOGY AND INNOVATION

Question 63

During the COVID-19 pandemic, economics played a major role in determining the vaccine distribution strategy to maximize health benefits and economic recovery. Since vaccines were limited, the government had to decide who should get vaccinated first based on economic and public health priorities.

Answer 63

HEALTHCARE

Question 64

The Philippines imports rice despite being an agricultural country because Vietnam and Thailand produce it at a lower cost. At the same time, the Philippines exports semiconductors because it has a strong electronics manufacturing industry.

Answer 64

INTERNATIONAL TRADE

Question 65

Governments rely on economics to design taxation policies, welfare programs, and monetary policies that stabilize the economy and ensure equitable distribution of resources. Economic indicators such as GDP, inflation, and unemployment rates influence policy decisions.

Answer 65

GOVERNMENT POLICY

Question 66

Industries like BPO booming while manufacturing declines due to automation. Wage levels depend on economic factors, but many workers in the informal sector struggle with low pay and lack of benefits. Overseas Filipino Workers (OFWs) contribute significantly to the economy through remittances, yet brain drain remains a challenge. Policies, such as minimum wage adjustments and job creation programs, aim to balance economic growth with fair employment policies

Answer 66

LABOR MARKETS

Question 67

(?) branch of economics that seeks to understand and promote the transformation of economies from low-income to high-income status, addressing issues such as poverty, inequality, and unemployment.

Answer 67

DEVELOPMENT ECONOMICS

Question 68

(?) refers to the increase in a country's production of goods and services over time, typically measured by the rise in Gross Domestic Product (GDP). It indicates how well an economy is expanding and improving in terms of productivity, income levels, and overall living standards.

Answer 68

ECONOMIC GROWTH

Question 69

(?) measures the market value of final goods and services produced within a country's borders

Answer 69

GROSS DOMESTIC PRODUCT

Question 70

In the GDP equation, GDP = C + I+ G + (X-M), what does G stand for?

Answer 70

GOVERNMENT SPENDING