ESSENTIALS OF ECONOMICS WITH CONNECT
11th Edition
ISBN: 9781266628146
Author: SCHILLER
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 10P
To determine
(a)
To find: The other goods provided when maximum health care is provided.
To determine
(b)
To calculate: The
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
QUESTION 5
The tools of health economics are irrelevant to emerging economies’ health systems because:
a.
Government necessarily plays a huge role there since so many citizens are poor
b.
They just need to worry about infectious disease for the next 10 years
c.
Health economics is only useful when private insurances is involved and there is little to none in these countries
d.
None of the above, health economics tools are useful to any society facing tradeoffs.
What proportion on the GDP is spent on health care?
0.2
0.75
0.18
0.30
QUESTION 2
Which of the following options is incorrect about US health care?
Health care spending as a share of GDP has been steady from 2008 to 2012
The projected health care spending as a share of GDP in 2020 is lower than the current share.
Increase in life expectancy is one of the reasons of increase in health care costs
US is categorized as a country with high health care costs
QUESTION 3
For every 10 percent increase in price of health care services, demand falls by 3 percent. How much is the own price elasticity of demand for health care?
0.3
3.33
-3.33
-0.3
QUESTION 4
What is a Cadillac plan?
Health insurance plan for Cadillac company (car manufacturer)
A very generous employer-sponsored health insurance plan
There is no such plan
A very generous health plan for Cadillac owners
QUESTION 5
Demand for health care is not
Downward sloping
Sensitive to the price of health care
Vertical
Horizontal…
Which statement about health insurance in the US is false?
Question options:
1)
Going back to 1940, only about 10 percent of the US population had any health insurance
2)
The share of the under-65 population with private health insurance rose until the 1970s and then plateaued—it remained virtually constant until the implementation of the Affordable Care Act
3)
Early on, the health insurance market was dominated by Blue Cross plans, which practiced community rating in setting premiums
4)
Measured in percentage points, the drop in the uninsured rate in the nonelderly population between 2013 and 2016 was larger than the increase in the share with private insurance
Knowledge Booster
Similar questions
- 2020 shook our world in unimaginable ways, forcing us to face multiple public health emergencies. And, while technology isn’t the primary tool to solve for systemic health issues, it can play an important role in partnership with government and civil society efforts. However, for technology to be effective, it must be built responsibly – and no matter how good a tool is, people won’t use it unless it has their trust. Discuss two (2) ethical issues linked to the use of computer technology in healthcare, specifically related to the COVID-19 pandemic.arrow_forward1. Should the health care system prioritize care for members of disadvantaged groups over that of other patients? 2. Should clinicians attempt to redress injustices in the social determinants of health by prioritizing the disadvantaged when they enter the health care system?arrow_forwardWhich one among these is not one factor that makes health care service difficult to insure? 1.future expendature on health care is uncertain 2.the payment for each health procedure are determined by insurers 3.Health care providers are paid based on their service rather then their outcome from their servicearrow_forward
- QUESTION 3 The biggest difference between the United States and Beveridge OR Bismarck counties’ health systems is: a. The US has longer life expectancy for higher income people b. The US permits/tolerates tens of millions of its citizens to be uninsured c. The US does more health technology assessment before utilization than other countries d. The US enjoys spending a higher percentage of its GDP on health care, it is a voluntary choice that reflects preferences for health care over other goods and servicesarrow_forwardThe stated premise behind the production function for health is that medical care, when combined with other inputs and a person's own time, produces good health. What is the marginal contribution of medical care to the production of health in the United States? Will spending more money on medical care improve the health of Americans, or is there another strategy that would work better? How would your answer change if you were studying health in a less-developed country?arrow_forwardWhile the individual mandate clause in the Affordable Care Act (also known as, Obamacare) was still in effect, which market failure in the market for health insurance did it help to reduce? Group of answer choices A.) Increasing Returns to Scale. B.) Moral Hazard. C.) Adverse Selection. D.) Barriers to Entry. E.) Externalities.arrow_forward
- 51.If, over the years, the standard night in a hospital has risen in price from $200 a night to $1000 a night but now also includes amenities, then economists insist that the price A)has risen $800 over that period. B)has definitely risen but by less than $800 over that period. C)has definitely risen and by more than $800 over that period. D)may have risen or fallen depending on the value of the amenities. 52.Effective AIDS drugs did not exist in the early 1980s. When they became available they were very expensive. When people use these facts to say that the price of AIDS drugs has increased economists generally A)agree. B)suggest they are confusing price increases with quality increases. C)note that the drugs are not as effective as advertised. D)stay out of this discussion. 53.Effective AIDS drugs did not exist in the early 1980s. When they became available they were very expensive. When people use these facts to say that the price of AIDS drugs has increased…arrow_forwarda. Carefully explain why the basic framework of supply and demand is not sufficient to analyze the market for health care. b. “The consumption function and budget constraints explained are useful elements in understanding the microeconomic approach to health spending.” With the use of appropriate graphs and mathematical expressions, critically evaluate this statement.arrow_forwardDiscuss which of the following types of technological change in health care likely to be cost increasing: I. threats of malpractice suits that cause physicians to order more diagnostic tests on average for a given set of patients symptoms ii) a new computer-assisted scanning device that enables physicians to take much more detailed picture of the brain iii) the introduction of penicillin earlier in this century iv) greater emphasis on preventive care v) the threat of Covid-19 virusarrow_forward
- In the context of health care, the economic questions that must be answered are ___ to treat, when to ____ treatment, _____ to treat, and ___ ___ treatment to offer.arrow_forwardWhy is it difficult to measure health outcomes?arrow_forwardWhat is the difference, if any, between “Pharmacoeconomics” and “Health Economics”? Explain how microeconomics and macroeconomics are relevant to this field of study and support your answer with plausible examples. Based on your answer, illustrate why studying Pharmacoeconomics has become inevitable and remarkably essential in healthcare provision nowadays.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, IncPrinciples of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax