Suppose you are a politician being criticized in a debate for your commitment to
reducing the growth of medical spending. Which of the following is the most
appropriate response? - ANSWERS-Reducing wasteful heath care spending could
provide additional funding to the education sector.
Assuming that a market is perfectly competitive & in a state of equilibrium, which
of the following statements is always true when the price changes? - ANSWERS-
Social welfare decreases.
Assuming providers will accommodate patient desires, what effect would a
binding price ceiling have on the health care market? - ANSWERS-Price will
decrease to adhere to the price ceiling & quantity will increase.
, Suppose the U.S. Food & Drug Administration restricts the amount of prescription
opiates produced & sold in the U.S. market. What is the likely effect on the
market for drugs used to control chronic pain the United States? - ANSWERS-The
price of prescription opiates will increase & the quantity consumed will decrease.
Which of the following represents the largest category of health care spending in
the United States? - ANSWERS-Hospital Care
The direct effect of a shortage of hospital beds in a hospital services market is: -
ANSWERS-Upward pressure on the price of a hospital stay.
All of the following will cause a shift in the medical care supply curve, except: -
ANSWERS-A change in the percentage of the population with health insurance.
The following graph depicts the market for CT scanners in the United States:
Assume an initial equilibrium at D1 and S1 with a price of $1.20 million per
machine. If the government places a $100,000 excise tax on each new scanner
sold, the new equilibrium price will be: - ANSWERS-less than $1.30 million.
Suppose robotic technology improves the results of abdominal surgery—less time
to perform the surgery, faster recovery times, and fewer mistakes. What is the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseLNJ. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
