Exam 14: Health Manpower Shortages and Surpluses: Definitions, measurement, and Policies

Jefferson County has 200,000 residents.During any given year,2% of the population will develop a medical condition that requires 10 hours of physician treatment.Assuming the average physician works 2,000 hours per year,how many physicians are needed in Jefferson County?

Suppose the demand for labor is w = 300 - 2Q and the supply of labor is w = Q.If a price floor is set at $50,then the equilibrium

Suppose Medicare no longer subsidizes residency programs.Instead,the residents must pay for the education.Who will pay more,general practitioners or specialists?

If the marginal product per dollar of physicians is lower than practical nurses,we should:

Which of the following will occur if labor demand and supply simultaneously increase?

Assume the government imposes price controls on physician wages where the wage cannot exceed $120.Let the demand for labor be w = 500 - Q and the supply of labor is w = 3Q.

Regulators and advocates argue that licensure is appropriate because it:

The number of physicians per 100,000 has risen between 1980 to 2007 by

Suppose the federal government would like to protect health professional jobs by only allowing U.S.citizens to hold positions in hospitals,regardless of where they trained.Is this a good policy? Why or why not?

Explain how the current market for residencies is anticompetitive and how market competition would correct the current situation.

Which of the following is true?

Suppose a student is trying to decide if they should become a physician or an accountant.As an accountant,the student would earn $75,000 after four years of education.On the other hand,if the student decides to become a physician,they would need to attend school for 11 years.Each year of school costs $20,000 in both professions.As a physician,the student would earn $100,000.In both cases,the student only has 20 years to work and/or attend school.What should they do?

Policy intervention is needed to resolve a

Suppose the demand for labor is w = 300 - 2Q and the supply of labor is w = Q.If a price floor is set at $200,then the equilibrium

What are the potential pitfalls of using the ratio technique to determine shortages/surpluses?

Which of the following is a normative statement?

Bullet County has 100,000 residents.During any given year,2% of the population will develop a medical condition that requires 10 hours of physician treatment.Assuming the average physician works 2,000 hours per year,how many physicians are needed in Bullet County?

Friedman and Kuznets found that physicians earn