Practice Quiz

EPPP Psychology

Category - Ethical, Legal, and Professional Issues

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A cost-benefit analysis:
  1. Involves comparing the costs and benefits of an intervention in monetary terms
  2. Is useful when the interventions to be compared have similar goals, but it is not possible to assign a monetary value to their outcomes
  3. Involves evaluating interventions by comparing their costs with the value of their outcomes in terms of healthy years of life
  4. Is used to evaluate the feasibility of one or more interventions on the basis of the monetary and other resources they would require
Explanation
Answer: A - Comparing the costs and benefits of an intervention in monetary terms describes a cost-benefit analysis.
When it is not possible to assign a monetary value to an outcome, evaluating interventions by comparing their costs with the value of their outcomes, and evaluating the feasibility of one or more interventions through their necessary resources refer to cost-effectiveness analysis, cost-utility analysis, and cost feasibility analysis respectively.
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