Economics: CBA

Economics: CBA

Assessment

Flashcard

Science

University

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the B-C ratio in Cost-Benefit Analysis?

Back

The B-C ratio (Benefit-Cost ratio) is used to determine if a program's benefits outweigh its costs. A ratio greater than 1 indicates benefits exceed costs.

2.

FLASHCARD QUESTION

Front

What is a major disadvantage of conducting a Cost-Benefit Analysis (CBA)?

Back

A major disadvantage of CBA is the difficulty in assigning a monetary value to health outcomes, which can lead to inaccurate assessments.

3.

FLASHCARD QUESTION

Front

What is the most common alternative when identifying options for a CBA?

Back

The most common alternative is 'do nothing', which serves as a baseline for comparison.

4.

FLASHCARD QUESTION

Front

How is the wage rate estimated in economic evaluations?

Back

The wage rate is estimated from income data, reflecting the average earnings of individuals in a specific context.

5.

FLASHCARD QUESTION

Front

Calculate the daily wage rate given an average yearly income of $40,000 and 240 days worked per year.

Back

Daily wage rate = $40,000 / 240 = $167/day.

6.

FLASHCARD QUESTION

Front

What is the formula for calculating cost savings in a CBA?

Back

Cost savings = Average loss of productivity before intervention - Average loss of productivity after intervention.

7.

FLASHCARD QUESTION

Front

If the average loss of productivity before an asthma clinic is $3,340 and after is $1,169, what are the cost savings?

Back

Cost savings = $3,340 - $1,169 = $2,171.

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