LSUS MHA 710 EXAM 3 HEALTHCARE ECONOMICS NEWEST ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e LSUS MHA 710 EXAM 3 HEALTHCARE ECONOMICS NEWEST 2024-2025 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Which of the following would increase the supply of physicians? a. Increasing the cost of attending medical school b. More scholarships and grants to cover medical school tuition c. Increasing the medical school entrance requirements to include 15 hours of economics d. Making it easier for plaintiffs to prove medical malpractice claims e. Paying medical schools to eliminate residency opportunities in some specialties - ANSWER- b. More scholarships and grants to cover medical school tuition Which of the following statements about the distribution of physicians among specialties is true in the United States? a. The majority of physicians specialize in general/family practice. b. There are twice as many generalists as there are specialists. c. There are twice as many specialists as there are generalists. 2 | P a g e d. The specialty distribution in the United States is similar to that of the rest of the world. e. None of the above. - ANSWER- c. There are twice as many specialists as there are generalists. According to surveys by the Medical Group Management Association, the average primary care physician earned approximately _______ in 2010. a. $125,000 b. $150,000 c. $185,000 d. $200,000 e. $225,000. - ANSWER- d. $200,000 Surgical specialists earn more than general/family practice physicians. Which of the following statements is not true regarding this income differential? a. Surgeons earn more because their practice costs, including medical malpractice insurance is higher. b. Surgeons earn more to compensate them for the extra years spent as residents. c. Physicians' incomes are determined to a large extent by supply and demand conditions with respect to each specialty. d. Surgeons will always earn more than general practitioners because they are smarter than general practitioners. 3 | P a g e e. Surgeons earn more than general practitioners because cutting into people is messy. - ANSWER- d. Surgeons will always earn more than general practitioners because they are smarter than general practitioners. The rate of return on an investment in medical education a. is inversely related to the length of time spent in formal schooling. b. is inversely related to income. c. will increase with an increase in the availability of student loans. d. is much higher than the rate of return on an undergraduate business degree. e. is inversely related to the number of years in the profession. - ANSWER- e. is inversely related to the number of years in the profession. Physicians who own their own diagnostic testing facilities tend to order more tests, charge higher fees for them, and have higher total bills to patients. This practice of self-referral is an example of a. moral hazard. b. adverse selection. c. res ipsa loquitur. d. physician-induced demand. e. cognitive dissonance. - ANSWER- d. physician-induced demand. The observed variations in practice patterns in different regions of the country are difficult to eliminate 4 | P a g e a. because of the many alternative treatment options available for most ailments. b. due to the localized nature of most medical practice. c. because it is difficult to change the preferences of physicians and patients. d. the observed variations are so minor that they are of little concern to policy makers. e. a, b, and c are true. - ANSWER- e. a, b, and c are true. To address the shortage of physicians on the horizon, it will be necessary to a. build more medical schools. b. provide more grants and scholarships for medical education. c. allow the admission of more foreign-educated physicians. d. all of the above. - ANSWER- d. all of the above. In 2010, the medical specialty that earned the highest rate of return on investment was a. general primary care. b. Internal medicine. c. Pediatrics. d. orthopedic surgery. e. none of the above. - ANSWER- d. orthopedic surgery.