The cost of contracting that is associated with determining the specifications o
ID: 1257006 • Letter: T
Question
The cost of contracting that is associated with determining the specifications of the services needed and the prices of those services is called:
Search costs
Monitoring costs
Enforcement costs
Contract costs
When the patient interacts with a provider, the patient incurs. Select all from the list that applies.
Meal costs
Travel costs
Price of the services
Opportunity cost
Wait costs
The present value of a benefit of $10,000 that occurred in four years, discounted at a rate of 8% is:
$6,824
$9,200
$6,800
$7,353
The demand by one individual for the consumption of medical care by another individual is called:
Internal demand
External demand
Private demand
Community demand
According to a study by O' Neill and O' Neill, in 2005 how many uninsured women between 40 and 64 had gotten a mammogram over the last 2 years?
25%
10%
49%
80%
The demand for medical of an individual is called:
Private demand
External demand
Community demand
Society demand
The cost of reaching an agreement with the provider as to what services are to be provided is called:
Contract costs
Search costs
Enforcement costs
Monitoring costs
On page 95 in the book under exercises, look at question 4 and select which option will give Mrs. Siegal the best value for her money for part A.
Physiotherapy
Pills
On page 95 in the book under exercises, look at question 4 and select which option will give Mrs. Siegal the best value for her money for part B.
Pills
Physiotherapy
Search costs
Monitoring costs
Explanation / Answer
Q3. Calculating Present Value (PV) -
Future Value (FV) = $10,000
Time (n) = 4 years
Rate of interest (r) = 8% or 0.08
PV = FV/(1+r)n = $10,000/(1+0.08)4 = 10,000/(1.08)4 = $7,352.94 or $7,353
The present value of a benefit of $10,000 that occured in four years, discounted at a rate of 8% is $7,353.
Hence, the correct answer is option (4).
Q5. As per the study conducted by O'Neill and O'Neill in year 2005
In past two years about 80% women with insurance between age group of 40 and 64 years had received a mammogram. On the other hand, in past two years, only 49% of uninsured women between age group of 40 and 64 years had recived a mammogram.
Hence, the correct answer is option (3).
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