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ECO2013 Ch. 21
Terms in this set (42)
In 2007, approximately what percentage of people in the U.S. with private health insurance received it as an employer-provided benefit?
Employer-provided private health insurance in the U.S. has resulted in:
incentives that encourage the overuse of health care.
The price of medical care in the United States has:
risen faster than the overall price level.
The major purpose of Medicare is to:
provide health care services to people on Social Security.
As a percentage of GDP, health care spending in the United States has:
increased substantially since 1960.
The United States devotes about ______ percent of its domestic output to health care.
As a percentage of GDP, U.S. health care spending is:
higher than for any other major industrial country.
In the past several decades U.S. health care expenditures have:
risen absolutely and as a percentage of GDP.
The perceived central economic problem associated with the U.S. health care system is:
an overallocation of resources to the system.
Health care expenditures coming directly out of consumers' pockets, primarily in the form of deductibles and copayments, account for what percent of U.S. health care spending?
Which of the following persons is most likely to be insured for health care?
A skilled worker employed by a large multinational corporation.
The demand for health care in industrially advanced economies is:
about unit elasticity with respect to income and relatively inelastic with respect to price.
is a normal good.
Defensive medicine refers to the idea that:
physicians may require unnecessary testing as a means of protecting themselves against malpractice suits.
If labor productivity in the health care industry rises very slowly relative to wages and salaries in the industry, this would tend to:
increase the cost of health care.
Economists argue that in treating patients:
both benefits and costs should be taken into account by physicians.
Health care costs have greatly increased in recent years in the United States. This fact alone does not establish an overallocation of resources to health care because:
the benefits of health care have also greatly increased in recent years.
If an individual is less careful about avoiding accidents or illness because she has health insurance, this is an example of:
the moral hazard problem.
Sam decides to join the Gigantic State University's rugby team when he learns that his health insurance will pay for any subsequent injury. This illustrates:
the moral hazard problem.
It is generally agreed that in the long run the cost of private health insurance provided by employers is:
at the expense of real wages.
Insurance tends to drive up health care costs by encouraging greater use of health care resources. Why has this occurred in the United States, but not in Canada or the United Kingdom?
Canada and the United Kingdom use nonprice rationing to contain costs.
Federal tax policy:
subsidizes health insurance and thereby increases the demand for health care.
A tax subsidy is involved in employer-financed health insurance because:
employer payments for health insurance are not subject to income or payroll taxes.
Which of the following factors has contributed to rising health care prices in the United States?
The supply of physicians per 100,000 people has risen since 1975, but not as fast as the increase in the demand for physicians' services.
Insurance companies use deductibles and copayments to:
reduce health care costs by discouraging overuse of the health care system.
Suppose you go to a doctor but your health insurance plan reimburses you for only 80 percent of the bill. This is an example of:
The main purpose of HMOs and PPOs is to:
reduce health care costs for employers and their employees.
Health Savings Accounts (HSAs) implemented by the 2003 Medicare law:
allow workers to accumulate untaxed dollars for payment of qualified medical expenses.
The employer mandate of the PPACA requires that:
every firm with 50 or more employees must purchase health insurance for their employees or pay a $2,000 fine per employee.
Which of the following provisions of the PPACA do proponents expect to reduce the growth of health care spending?
Allowing individuals to purchase coverage through insurance exchanges.
Approximately how many millions of Americans do not have health insurance (prior to gaining coverage through the Patient Protection and Affordable Care Act)?
Rapidly rising U.S. health care costs have:
done all of these.
(forced the growth of real wages to keep pace.
encouraged greater labor mobility.
caused some employers to use more part-time and temporary workers.)
When economists say that health care services are overconsumed, they mean that:
some resources now used in the health care industry could produce alternative goods and services that society values more highly.
The health care market is characterized by:
significant positive externalities.
The price elasticity of demand for health care is such that an increase in the price of health care will:
increase total health care expenditures.
The problem of asymmetric information is that:
health care providers are well-informed, but buyers are not.
Subsidies for those required to purchase health insurance under the personal mandate provision of the PPACA are:
provided to some individuals in the upper half of the income distribution.
Which of the following was not an objection raised by opponents of the Patient Protection and Affordable Care Act?
The percentage of health care spending coming directly out of consumers' pockets would increase.
The number of Americans without health insurance (as of 2008) is approximately:
46 million or about 15 percent of the population.
Other things equal, and given that the elasticity of demand for health care is 0.2, a 10 percent increase in the price of health care in the United States will reduce the quantity of health care demanded by about:
Health maintenance organizations (HMOs):
charge a fixed amount per member, hire many of their own physicians, and provide health services only to members.
All of the following are designed to reduce health care expenses for consumers except:
the fee-for-service system.
A few inches of lead or several feet of concrete are necessary in order to protect from gamma rays.
What does a DNR order prohibit?
What must be present for the Delta virus to infect an individual and cause illness?
What are the 2 categories of risk factors?
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