Question 1

A single payer system in the United States would

Accepted Answer

A) increase availability of health care services to those who are currently uninsured. 
B) necessitate a tax cut. 
C) likely decrease the waiting time for certain procedures. 
D) likely fail because no other nations have tried it. 
A) increase availability of health care services to those who are currently uninsured. 
B) necessitate a tax cut. 
C) likely decrease the waiting time for certain procedures. 
D) likely fail because no other nations have tried it.

Question 2

Publicly provided health insurance for the poor will

Accepted Answer

A) lower the price of health care to the non-poor. 
B) raise the level of health care consumed by the poor. 
C) decrease the total amount of health care consumed. 
D) lower the price of health care to the non-poor and decrease the total amount of health care consumed. 
A) lower the price of health care to the non-poor. 
B) raise the level of health care consumed by the poor. 
C) decrease the total amount of health care consumed. 
D) lower the price of health care to the non-poor and decrease the total amount of health care consumed.

Question 3

Fee-for-service insurance

Accepted Answer

A) is typically more expensive than an HMO covering the same illnesses. 
B) has fewer meddlesome bureaucrats than an HMO. 
C) allows patients to pick their own doctor. 
D) all of the options are correct. 
A) is typically more expensive than an HMO covering the same illnesses. 
B) has fewer meddlesome bureaucrats than an HMO. 
C) allows patients to pick their own doctor. 
D) all of the options are correct.

Question 4

Suppose someone knew that the probability of incurring a $10,000 medical expense was 5% and the odds of being healthy and incurring no expenses was 95%. If they used that information to compare the expected cost to them ($500)with the $600 premium it would cost to get full coverage and decided to buy the insurance then economists would say they are

Accepted Answer

A) Irrational. 
B) risk loving. 
C) risk averse. 
D) risk neutral. 
A) Irrational. 
B) risk loving. 
C) risk averse. 
D) risk neutral.

Question 5

Many economists note that the shortage of blood in several rare types is, at least in part, attributable to the fact that the price of blood is

Accepted Answer

A) determined by market forces. 
B) kept too high. 
C) right at equilibrium. 
D) fixed at zero. 
A) determined by market forces. 
B) kept too high. 
C) right at equilibrium. 
D) fixed at zero.

Question 6

Nations with single payer systems typically have

Accepted Answer

A) lower tax rates than exist in the U.S. 
B) higher life expectancies than in the U.S. 
C) better access to high-tech medical solutions than in the U.S. 
D) serious inequality in the access to basic care. 
A) lower tax rates than exist in the U.S. 
B) higher life expectancies than in the U.S. 
C) better access to high-tech medical solutions than in the U.S. 
D) serious inequality in the access to basic care.

Question 7

The Children's Health Insurance Program is designed to

Accepted Answer

A) replace Medicaid for children. 
B) replace Medicaid for families with children. 
C) augment Medicaid by insuring the children of working (but low income)families who have no insurance. 
D) insure all children regardless of circumstance. 
A) replace Medicaid for children. 
B) replace Medicaid for families with children. 
C) augment Medicaid by insuring the children of working (but low income)families who have no insurance. 
D) insure all children regardless of circumstance.

Question 8

If a person does not have to pay more than $3,000 in a year for health care expenses, this is called their

Accepted Answer

A) co-payment. 
B) deductible. 
C) lifetime maximum. 
D) maximum out-of-pocket. 
A) co-payment. 
B) deductible. 
C) lifetime maximum. 
D) maximum out-of-pocket.

Question 9

If a person must pay 20% of a covered health care expense, this is called their

Accepted Answer

A) co-payment. 
B) deductible. 
C) lifetime maximum. 
D) maximum out-of-pocket. 
A) co-payment. 
B) deductible. 
C) lifetime maximum. 
D) maximum out-of-pocket.

Question 10

Medicare is the Federal Government program that provides health insurance to the

Accepted Answer

A) poor. 
B) injured. 
C) elderly. 
D) unemployed. 
A) poor. 
B) injured. 
C) elderly. 
D) unemployed.

Question 11

A single payer system in the United States would

Accepted Answer

A) decrease availability of health care services to those who are currently uninsured. 
B) necessitate a tax increase. 
C) likely decrease the waiting time for certain procedures. 
D) likely fail because no other nations have tried it. 
A) decrease availability of health care services to those who are currently uninsured. 
B) necessitate a tax increase. 
C) likely decrease the waiting time for certain procedures. 
D) likely fail because no other nations have tried it.

Question 12

Publicly provided health insurance for the poor will

Accepted Answer

A) lower the price of health care to the non-poor. 
B) raise the level of health care consumed by the non-poor. 
C) increase the total amount of health care consumed. 
D) lower the price of health care to the non-poor and increase the total amount of health care consumed. 
A) lower the price of health care to the non-poor. 
B) raise the level of health care consumed by the non-poor. 
C) increase the total amount of health care consumed. 
D) lower the price of health care to the non-poor and increase the total amount of health care consumed.

Question 13

If a health economist is worried that a system of health insurance will break down because of the problem of adverse selection, that economist may focus on ____ as a solution to that problem.

Accepted Answer

A) moral hazard 
B) eliminating pre-existing condition clauses 
C) mandation 
D) lowering insurance premiums 
A) moral hazard 
B) eliminating pre-existing condition clauses 
C) mandation 
D) lowering insurance premiums

Question 14

When creating market demand curves for privately produced and privately consumed goods we

Accepted Answer

A) add the quantity demanded at each price. 
B) add the price paid at each quantity. 
C) take an average of the quantity demanded at each price. 
D) take an average of the price paid at each quantity. 
A) add the quantity demanded at each price. 
B) add the price paid at each quantity. 
C) take an average of the quantity demanded at each price. 
D) take an average of the price paid at each quantity.

Question 15

HMO insurance

Accepted Answer

A) is less expensive than fee-for-service insurance. 
B) has more meddlesome bureaucrats than fee-for service. 
C) restricts doctor choice to primary care physicians. 
D) all of the options are correct. 
A) is less expensive than fee-for-service insurance. 
B) has more meddlesome bureaucrats than fee-for service. 
C) restricts doctor choice to primary care physicians. 
D) all of the options are correct.

Question 16

In 2014, the U.S. spends approximately ____ of GDP on health care.

Accepted Answer

A) 1% (1/100th) 
B) 16% (1/6th) 
C) 25% (1/4th) 
D) 33% (1/3r 
A) 1% (1/100th) 
B) 16% (1/6th) 
C) 25% (1/4th) 
D) 33% (1/3r

Question 17

In 2014 the percentage of people covered by health insurance for the entire year was

Accepted Answer

A) 40%. 
B) 65%. 
C) 83%. 
D) 95%. 
A) 40%. 
B) 65%. 
C) 83%. 
D) 95%.

Question 18

When creating a demand curve for a good where one group gets the good for free and another group must pay the market price you must

Accepted Answer

A) add the quantity demanded for each group at each price. 
B) add the price paid at each quantity. 
C) take an average of the quantity demanded at each price. 
D) add the amount that the first group wants (when it is available to them free)to the quantity demanded by the second group at each price. 
A) add the quantity demanded for each group at each price. 
B) add the price paid at each quantity. 
C) take an average of the quantity demanded at each price. 
D) add the amount that the first group wants (when it is available to them free)to the quantity demanded by the second group at each price.

Question 19

If a health economist is worried that a system of health insurance will break down because those with health insurance will be less likely to eat right and exercise because they will not be financially liable for the health care costs that follow, that economist is focused on the problem of

Accepted Answer

A) moral hazard. 
B) adverse selection. 
C) mandation. 
D) lack of universal coverage. 
A) moral hazard. 
B) adverse selection. 
C) mandation. 
D) lack of universal coverage.

Question 20

When an insurance company pays 20% of the bill for health care services, this

Accepted Answer

A) increases supply. 
B) reduces demand. 
C) makes demand less elastic. 
D) reduces demand and makes demand less elastic. 
A) increases supply. 
B) reduces demand. 
C) makes demand less elastic. 
D) reduces demand and makes demand less elastic.

Exam 24: Health Care

A single payer system in the United States would

Publicly provided health insurance for the poor will

Fee-for-service insurance

Many economists note that the shortage of blood in several rare types is, at least in part, attributable to the fact that the price of blood is

Nations with single payer systems typically have

The Children's Health Insurance Program is designed to

If a person does not have to pay more than $3,000 in a year for health care expenses, this is called their

If a person must pay 20% of a covered health care expense, this is called their

Medicare is the Federal Government program that provides health insurance to the

A single payer system in the United States would

Publicly provided health insurance for the poor will

If a health economist is worried that a system of health insurance will break down because of the problem of adverse selection, that economist may focus on ____ as a solution to that problem.

When creating market demand curves for privately produced and privately consumed goods we

HMO insurance

In 2014, the U.S. spends approximately ____ of GDP on health care.

In 2014 the percentage of people covered by health insurance for the entire year was

When creating a demand curve for a good where one group gets the good for free and another group must pay the market price you must

If a health economist is worried that a system of health insurance will break down because those with health insurance will be less likely to eat right and exercise because they will not be financially liable for the health care costs that follow, that economist is focused on the problem of

When an insurance company pays 20% of the bill for health care services, this

Economics: the Study of Opportunity Cost

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The Concept of Elasticity and Consumer and Producer Surplus

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Perfect Competition, Monopoly, and Economic Versus Normal Profit

Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, Depression

Interest Rates and Present Value

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Policy

Federal Spending

Federal Deficits, Surpluses, and the National Debt

The Housing Bubble

The Recession of 2007-2009: Causes and Policy Responses

Is Economic Stagnation the New Normal

Is the Fiscalsky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension Liabilities

International Trade: Does It Jeopardize American Jobs

International Finance and Exchange Rates

The European Debt Crisis

Economic Growth and Development

Nafta, Gatt, Wto: Are Trade Agreements Good for Us

The Line Between Legal and Illegal Goods

Natural Resources, the Environment, and Climate Change

Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program

The Economics of Prescription Drugs

So You Want to Be a Lawyer: Economics and the Law

The Economics of Crime

Antitrust

The Economics of Race and Discrimination

Income and Wealth Inequality

Farm Policy

Minimum Wage

Ticket Brokers and Ticket Scalping

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Economics of K-12 Education

Economics of College and University Education

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Head Start

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Personal Income Taxes

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The Stock Market Crashes

Unions

Walmart: Always Low Prices and Low Wages- Always

The Economic Impact of Casino Gambling

The Economics of Terrorism

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