Exam 5: The Economics of Health Care

Of the following,the most rapid rise in health care costs in the United States can be attributed to

Briefly explain what you would expect to see happen to spending on health care over time,with health care being considered as a normal good.

In the United States in 2016,the percentage of people with some form of health insurance was about

Figure 5-3 Figure 5-3 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 5-3.With insurance and a third-party payer system,what price do doctors receive for medical services?

The provision of the Patient Protection and Affordable Care Act (ACA)which states that insurance companies are required to participate in a high-risk pool that will insure individuals with pre-existing medical conditions who have been unable to buy health insurance for at least six months is the ________ provision.

Suppose that in a market for used cars,there are good used cars and bad used cars (lemons).Consumers are willing to pay as much as $9,000 for a good used car but only $3,000 for a lemon.Sellers of good used cars value their cars at $7,500 each and sellers of lemons value their cars at $1,500 each.Buyers cannot tell if a used car is reliable or is a lemon.Based on this information,what is the likely outcome in the market for used cars?

On average,people in low-income countries ________ than people in high-income countries.

Adverse selection in the market for health insurance arises because

In the United States in 2016,the percentage of firms that employed between 3 and 199 workers and did not offer health insurance as a fringe benefit to the workers was about

Figure 5-2 Figure 5-2 shows the effect of a positive externality on the market for vaccinations. -Refer to Figure 5-2.On the above graph,identify the market equilibrium price and quantity,the efficient equilibrium price and quantity,and the value of the deadweight loss resulting from too few people receiving vaccinations.

Under the Patient Protection and Affordable Care Act (ACA),every company with more than 200 employees must offer health insurance to its employees and must automatically enroll them in the plan.

________ occurs when actions taken by one party to a transaction are different from what the other party expected at the time of the transaction.

Two consequences of asymmetric information are adverse selection and moral hazard.An important distinction between the two is

The number of people receiving Medicare is expected to grow to 74 million by the year

Health problems prevent people from working harder,which can lower a country's total income.This indicates that in effect,health problems

Health insurance plans which typically reimburse doctors mainly by paying ________ are known as health maintenance organizations.

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

The provision of the Patient Protection and Affordable Care Act (ACA)which states that,with limited exceptions,every resident of the United States must have health insurance that meets certain basic requirements is the ________ provision.

In 2016,________ percent of people enrolled in health insurance marketplaces had a choice of at least three insurance companies from which to buy a policy.By 2017,________ percent had that choice.

Which of the following is not part of the "state health insurance marketplaces" provision of the Patient Protection and Affordable Care Act (ACA)?