Exam 5: The Economics of Health Care

How do adverse selection and moral hazard affect the market for insurance?

In the United States in 2016,the health care industry was the largest employer in ________ states.

Health care spending per person is lower in the United States than in most other high-income countries.

The provision of the Patient Protection and Affordable Care Act (ACA)which states that every firm with more than 200 full-time employees must offer health insurance to its employees and must automatically enroll them in the plan is the ________ provision.

In the United States,out-of-pocket spending on health care per person

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)?

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 quantity of medical services is

Growth in labor productivity in the economy as a whole has been ________ the growth in labor productivity in health care.

In the United States,consumers usually pay less than the true cost of medical treatment because of

In the United States,health care spending on people ________ is six times greater than on people ________.

In the United States from 1981 to 2015,deaths from which of the following increased?

By the year 2017,health care spending on Medicare,Medicaid,and other U.S.government programs as a percentage of GDP had reached a level of

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.At the market equilibrium

In what ways do economists and policymakers who believe that the federal government should have a larger role in the health care system criticize the Patient Protection and Affordable Care Act (ACA)?

Insurance companies use deductibles and coinsurance to reduce moral hazard.

Adverse selection is a situation in which one party to an economic transaction has less information than the other party.

One consequence of adverse selection in the market for used cars is that most used cars sold will be lemons.

In 2016,________ of the uninsured were younger than age 35.

Which of the following is an example of adverse selection?

Of the following high-income countries,which has the highest obesity rate?