7. Providing free prescription medications for all those who need them demonstra

Question

7. Providing free prescription medications for all those who need them demonstrates horizontal equity 8. vertical equity C. procedural equity D. distributional efficiency 8. The following is NOT true when private benefits differ from social benefits A. B. C. D. price cannot be determined n externality exists resources will be allocated inefficiently market production will not be socially optimal the economy is in equilibrium at P*Q*. A naive social planner believes that Q* is too high and regulates the quantity to be Q. The consequence is a dead weight loss to society represented by -A. ABC B. CDE C. ACD D. BCE Q* Figure 4 E. 10. Which economic evaluation method can indicate whether a program is worthwhile? Cost-Benefit Analysis B. Cost-Effectiveness Analysis C. Cost-Utility Analysis D. All types of evaluation

Explanation / Answer

7. Option d. It tells about equal distribution of goods and services for whom it is needed as it may not be afforded by all.
8. Option A, Socially benefit = Private benefit + externality
9. Option A, it represent both producer and consumer loss because of reduced quantity
10. Option A, as cost effective tells only about the most cost effective among alternatives and cost utility is guide to procurement decision.

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