Micro chapter 24
If resources are over allocated to healthcare, society incurs:
A loss of efficiency
An immunization benefiting not only the purchaser but society as a whole is an example of what?
A positive externality
Which of the following are the two highly publicized problems related to the US healthcare system?
Costs and access
Productivity growth in an industry tends to do which of the following?
Increase supply and reduce costs
Since 1960, healthcare expenditures as a percentage of GDP have greatly
Increased
As the price of healthcare rises, what happens to total healthcare spending?
Increases
A large, prosperous employer with a generous healthcare plan might reduce its health insurance expense by reducing lower wage workers with
Independent contractors
Opponents of the PPACA point positively to the health care systems of
Indiana and Singapore
Paying a relatively small known cause for protection and gets an uncertain and much larger cost is called
Insurance
While health ___ is highly beneficial, it also contributes to rising cost impossible over conception of healthcare
Insurance
Compared to workers of large firms, how likely is it for workers of smaller firms to have health insurance?
Less
As healthcare insurance premiums rise, employers Cut or eliminate health insurance from the compensation package of which kind of workers?
Low wage and minimum wage
_______ provides payment for medical benefits to certain low income people, including the elderly, the blind, persons with disabilities, children, and adults with dependents
Medicaid
One part of ____ is a hospital insurance program
Medicare
How has the supply of healthcare services increase compared to the demand?
More slowly
What percentage of the worlds medical research is done in the United States?
More than 50%
Healthcare spending in the United States is high and rising in both absolute terms and as percentage of domestic
Output
Large, uninsured medical bills are one of the major causes of
Personal bankruptcy
High and rising education and training cost have necessitated high and rising ___ fees to insure adequate return on investment
Physician
When the supplier demands the types in amount of healthcare that are to be consumed, it is called a case of
Supplier-induced demand
The rising prices, quantities, and cost of healthcare services are the result of the demand for healthcare increasing much more rapidly than the
Supply
Federal tax policy toward employed financed health insurance strengthens the demand for healthcare services in the form of a
Tax subsidy
The high cost of employer provided health insurance has led to some employers hiring greater numbers of which of the following?
Temporary workers and part-time workers
The PPACA aims to obtain needed revenue from personal managed by insurance, as well as from new ____
Texas
The amount of each year's health care cost us insured pays before the insured begin saying is called what?
The deductible
In an asymmetrical healthcare situation, who is the supplier and who is the consumer?
The doctor is the supplier and the patient is the consumer
Why is the supply physicians lower than demand?
The high cost of medical education
Many other nations rank better than the United States in fixed life expectancy, maternal mortality, and infant mortality, despite the fact that US healthcare expenditures are
The highest
The increase in the supply of physicians in the United States has not kept up with
The increase in demand
The increase in the supply physicians in the United States has not kept up with
The increase in demand
What is the outcome of productivity growth in an industry?
Increase supply
The income elasticity coefficient of demand for healthcare is about what?
1
The public value that human life should be sustained as long as possible may ____ the demand for healthcare
Increase
A means of protection against a huge monetary losses that can result from hazard is called what?
An insurance program
_________ __________ find it difficult and costly to obtain insurance because of the likelihood that they will incur substantial healthcare costs in the future
Chronically ill
Due to an aging population, we can expect a substantial urge in the ____ for health care in the future
Demand
Because healthcare is a normal good, increases in domestic income have caused increases in the
Demand for healthcare
Do you to insurance, lower healthcare prices are distortion that results in _____ consumption of healthcare services
Excess
A government regulated market in which individuals will shop for their own healthcare insurance is referred to as an insurance _____
Exchange
The primary goal of the patient protection and affordable care act was the _____ of health insurance coverage to all Americans
Extension
Which of the following is the primary goal of the PPACA passed in 2010?
Extension of health insurance coverage to Americans
In the last year of one's life, healthcare expenditures are often what?
Extraordinary high
When doctors are paid separately for each service they platform, it is called
Fee-for-service
Doctors have an incentive to suggest more healthcare services than an absolutely necessary due to which of the following?
Fee-for-service arrangements
Medicare is medical insurance program is voluntary but is heavily subsidized by the
Government
There is a trade-off between the two healthcare reform objectives of controlling costs and making healthcare accessible to everyone. Greater access to the system will mean ___ Healthcare costs
Higher
Which of the following reduce access to healthcare?
Higher healthcare costs and greater insurance premiums
The government rationale for the tax treatment of employee health insurance is that ____ are associated with having a healthy, productive workforce
Positive spill over benefits
The certain amount of people agree to pay periodically in return for the guarantee that they will be compensated if they should incur a particular miss fortune is called a
Premium
Employers cut or illuminate health insurance from the compensation package for the minimum and low wage workers when what happens?
Premiums rises
The development and use of new technologies as a result of the willingness a private and public insurance to pay for new treatments with that regards of which of the following?
Price and number of patients
The development and use of new technologies as a result of the willingness of private and public insurance to pay for new treatments without regards to
Prices
The PPACA's personal mandate requires that individuals____
Purchase health insurance for themselves and their dependents
Mini economist believe that the large subsidies provided by the PPACA _____ prices in _____ of Health care
Raise; increase
The healthcare systems of Singapore in the state of Indiana both ____
Reduce wasteful expenditures by increasing consumers out-of-pocket spending
The PPACA focused on
Reducing incentives to overconsume healthcare
Society is reluctant to ration health care so leave my price in income because it is regarded as a
Right
Higher health insurance premiums to employers and higher out-of-pocket cost to workers are visible economic affects of what?
Rising health care costs
Well health insurance is highly beneficial, it also contributes to which of the following?
Rising health care costs in overconsumption of healthcare
Employees of _____ firms are less likely to have health insurance
Small
Health insurance can cause some insured people to be less careful about their health, due to
The moral hazard problem
The tendency of one party to an agreement to alter his or her behavior in a way that is costly to the other party is called
The moral hazard problem
What are the true statements about large medical bills?
They are one of the major causes of personal bankruptcy They are often the last bills to be paid
True or false: healthcare expenditures are often extra ordinary high in the last year of one's life
True
The two main sources of revenue for the PPACA are ____
• A personal mandate to buy insurance • New taxes
Most experts attribute the relative Rison healthcare spending's to
• advances in medical technology • private and public health insurance • The medical ethic of providing the best treatment available
What are the reasons for the rapid rise of healthcare costs in the United States?
• an increase in the quantity of services provided • higher prices
How to government respond to rising, unpredictable healthcare expenditures?
• by raising taxes • by reducing spending in other categories
The objections over the PPACA include _____
• concerns whether the PPACA would reduce the growth rate of healthcare expenditures • greater inefficiencies in healthcare due to federal control of pricing and content of insurance policies • The notion of the national health insurance system
Which of the following are employer mandates required by the PPACA?
• every firm with 50 or more full-time employees must purchase health insurance for each employee • 50 or more workers opting not to buy insurance for the workers will be fined 2000 per worker
Which of the following are the most visible economic effects of rising health care costs?
• higher premiums to employers • higher out-of-pocket costs to workers
Which of the following are parts of the personal mandate of the PPACA?
• individuals will be fine $695 if they refuse to purchase health insurance • individuals must purchase health insurance for themselves and dependents
Which of the following are reasons for the relative insensitivity of healthcare spending to price changes?
• medical treatment is often an emergency situation • people consider healthcare a necessity • Most patients have insurance
Which of the following groups are eligible for medical benefits through Medicaid?
• persons with disabilities • The elderly • Low income individuals
What are the main effects of surging health care cost and labor markets?
• slower wage growth • increase in the use of part time in temporary workers • outsourcing
Which of the following are advantages of managed care plans?
• they provide health care at lower prices • they emphasize preventative medicine