Exam 5: The Economics of Health Care

Of the following high-income countries,which has the highest life expectancy at birth?

Which of the following Nobel laureates became known for the study of asymmetric information?

Typically,the higher the level of income per person in a country,the higher the level of spending per person on health care.This relationship between income and spending indicates that health care is a

The situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction is known as adverse selection.

In the principal-agent relationship,the principal is

Which of the following individuals is most likely to purchase a life insurance policy that pays out an annual income beginning at a certain age until the individual's death?

The situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction is known as asymmetric information.

Figure 5-5 Figure 5-5 represents the market for medical services with and without insurance, and the effect of a third-party payer system on the demand for medical services. -Refer to Figure 5-5.With insurance and a third-party payer system,what price do doctors receive for medical services?

On average,people in the United States spend a greater percentage of their income on health care than do people in most other countries.

In what ways do economists and policymakers who believe that market-based reforms are the key to improving the health care system criticize the Patient Protection and Affordable Care Act (ACA)?

Because of the positive externality of vaccinations,economic efficiency would be improved

In 2013,infant mortality in the United States was ________ per 1,000 live births.

Figure 5-1 Figure 5-1 represents the market for vaccinations.Vaccinations are considered a benefit to society, and the figure shows both the marginal private benefit and the marginal social benefit from vaccinations. -Refer to Figure 5-1.The efficient equilibrium price is

All of the following are ways in which health insurance companies can potentially reduce adverse selection except

Those who favor changes in the market for health care that would make it more like the markets for other goods and services are generally in favor of universal health care coverage.

In a market with positive externalities,the market equilibrium price will be less than the efficient equilibrium price.

Between 1981 and 2011,deaths from cancer have increased in the United States.

The number of people receiving Medicare is expected to ________ by the year 2030.

Most doctors are employed by the government and most hospitals are owned by the government in

Economists John Cogan,Glenn Hubbard,and Daniel Kessler have estimated that repealing the tax preference for employer-provided health insurance would