What is one result of the Medicare subsidy?
A) The health care industry is more efficient than it otherwise would be.
B) Patients may elect to have some treatments that are of low value to them but that are costly to provide.
C) The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries.
D) The number of physicians in the United States has declined.
Answer: B
You might also like to view...
Refer to Figure 13-4. In the figure above, LRAS1 and SRAS1 denote LRAS and SRAS in year 1, while LRAS2 and SRAS2 denote LRAS and SRAS in year 2. Given the economy is at point A in year 1, what is the growth rate in potential GDP in year 2?
A) 8% B) 9.1% C) 10% D) 12%
The fastest growing category of government expenditure is
A) transfer payments. B) defense spending. C) grants to state and local governments. D) government purchases.
The Fed's margin requirements control
A. the federal funds rate. B. the amount of reserves banks must keep in cash or in their accounts with the Federal Reserve. C. the interest rate banks are allowed to pay on demand deposit accounts. D. how much money people can borrow when they buy stock.
Which of the following is NOT a characteristic of a centrally planned economy?
A. Consumers vote with their dollars thus guiding resources to produce what the society wants. B. Government sets the prices. C. The government decides how much of each good should be produced. D. All of these statements are characteristics of centrally planned economy.