Exam 7: The Economics of Health Care

Under the Patient Protection and Affordable Care Act (ACA), individuals who do not have health insurance will be subject to a fine.

In 2013, the average height of adult males in the United States was

Figure 7-2 Figure 7-2 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. -All of the following are ways in which health insurance companies can potentially reduce adverse selection except

Vaccinations tend to result in a positive externality. Draw a graph showing the market for vaccinations, including both the marginal private benefit curve and the marginal social benefit curve. Identify the market equilibrium price and quantity, the efficient equilibrium price and quantity, and the deadweight loss.

Basic supply and demand analysis indicates that having firms rather than the government provide health insurance to workers

Health insurance plans which typically reimburse doctors and hospitals with payment for each service they provide are known as

Consider a used car market in which half the cars are good and half are bad (lemons). Suppose the average price of a good car is $9,000 and the average price of a lemon is $3,000. If rational buyers are willing to pay $6,000 for a used car, then sellers will agree to sell mostly the lemons at this price. What is the term used to describe this situation?

Figure 7-1 Figure 7-1 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. -How do current tax laws in the United States favor employer-based health care insurance?

In 2014, the average life expectancy at birth in the United Kingdom and other high-income countries was around ________ years.

In 2012, employees covered by company-provided health insurance paid ________ percent of the cost of their own health insurance.

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.

Figure 7-2 Figure 7-2 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 7-2. At the efficient equilibrium,

Adverse selection in the market for health insurance arises because

Figure 7-5 Figure 7-5 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 7-5. With insurance and a third-party payer system, what price do consumers pay for medical services?

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

Figure 7-2 Figure 7-2 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 7-2. The efficient equilibrium quantity is ________ thousand vaccinations.

Some economists and policymakers who are in favor of government-provided health care believe that providing health care will generate

In the United States, out-of-pocket spending on health care as a percentage of all spending on health care has ________ since 1960.

All of the following are part of the "state health exchanges" provision of the Patient Protection and Affordable Care Act (ACA) except

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