Exam 5: The Economics of Health Care

What is the main difference between a single-payer health care system and socialized medicine?

Although most large firms in the United States offer their employees health insurance,fewer than two-thirds accept it.

The Pre-Existing Condition Insurance Plan is a federally administered part of the Affordable Care Act,and is designed for people with pre-existing medical conditions to obtain insurance.By offering health insurance to all U.S.citizens with pre-existing medical conditions,the Pre-Existing Condition Insurance Plan eliminates ________ for both the insurer and the insured,and eliminates ________ for the issuer of the insurance policy.

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

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.The efficient price of medical services is

What is the principal-agent problem?

If a state requires all drivers to purchase auto insurance,insurance companies still face the problem of

About ________ of pharmaceutical patents are issued to U.S.firms.

One of the provisions of the Patient Protection and Affordable Care Act (ACA)is that in 2017,someone without health insurance was fined $695 or 2.5 percent of their income,whichever amount was higher.A growing number of younger and healthier people chose to pay the fine and not purchase health insurance,which resulted in

Because of asymmetric information,most used cars that are offered for sale will be sold for prices that are greater than their true value.Because of this fact,the used car market falls victim to

If consumers paid the full price of medical services instead of using health insurance and third-party payers to cover part of the cost,the quantity of medical services provided would decrease.

Canada has a single-payer health care system in which the government provides national health insurance to all Canadian residents.

In the United States,health care spending as a percentage of GDP has declined since 1965.

Figure 5-2 Figure 5-2 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 5-2.The efficient equilibrium quantity is ________ thousand vaccinations.

All of the following are part of the "individual mandate" provision of the Patient Protection and Affordable Care Act (ACA)except

Of the following high-income countries,which has the highest female life expectancy at age 65?

In the United States in 2016,the percentage of firms that employed more than 200 workers and offered health insurance as a fringe benefit to the workers was about

One effect of adverse selection in a market is that the equilibrium quantity of the product may be smaller than it would have been if there were no asymmetric information problems.

Some economists have argued that certain characteristics of the delivery of health care justify government intervention.One of these characteristics is

Figure 5-4 Figure 5-4 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 5-4.With insurance and a third-party payer system,what is the amount of the deadweight loss?