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