Exam 5: The Economics of Health Care

The health care system in ________ is referred to as a single-payer health care system,and is a system in which the government provides national health insurance to all residents.

Which of the following is not part of the "taxes" provision of the Patient Protection and Affordable Care Act (ACA)?

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

The United Kingdom has a health care system under which the government owns most of the hospitals and employs most of the doctors.

In 2017,the average life expectancy at birth in the United Kingdom and other high-income countries was around ________ years.

Due to the trend in U.S.out-of-pocket health care spending over the past 50 years,the fraction of the true cost of health care being paid directly by consumers

In the market for insurance

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 consumers pay for medical services?

The principal-agent problem is a problem

Compared to the United States,health care spending per person in other high-income countries has been

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.The efficient price of medical services is

As a percentage of all spending on health care,out-of-pocket spending has ________ in the United States.

In the United States in 2016,the percentage of people who received health insurance through their employer was about

In 2017,health care's share of gross domestic product in the United States was about

________ account(s)for between 1 and 4 percent of health care costs in the United States.

Briefly describe changes in life expectancy,average height,and infant mortality in the United States since 1850.

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.If consumers paid the full price of medical services,the price they would pay is

Figure 5-4 Figure 5-4 represents the supply and demand for medical services with and without a third-party payer. -Refer to Figure 5-4.Answer the following questions: 1.What would be the equilibrium price and quantity if consumers had to pay the full price of medical services? 2.With insurance acting as a third-party payer,what price will consumers pay for medical service? 3.With insurance acting as a third-party payer,what price will doctors receive for medical service? 4.With insurance acting as a third-party payer,what will be the equilibrium quantity of medical services? 5.With insurance acting as a third-party payer,what will be the value of the deadweight loss?

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

Adverse selection refers to the actions people take after they have entered into a transaction that make the other party to the transaction worse off.