Which of the following is considered a "third party" within the medical services industry?
A) the patient
B) the private insurance company
C) the for-profit hospital
D) the medical provider, i.e., physician
Answer: B
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If the government pays a per-unit subsidy to the producer of a service, we would expect to see a(n) I. increase in the quantity demanded. II. decrease in the out-of-pocket price paid by consumers. III
increase in the quantity supplied by producers. A) I only B) both I and II only C) both II and III only D) I, II, and III
What shape is the production possibilities curve usually expected to exhibit?
a. Upward-sloping. b. Bowed out. c. Bowed in. d. Straight line. e. U-shaped.
Long-run economic growth is consistent with:
A. Expanding the aggregate demand curve. B. Expanding the production possibilities curve. C. An increase in government spending. D. An increase in GDP per capita.
If the multiplier is 4, a $15 billion increase in government expenditures will shift the AD curve to the:
A. right by $15 billion. B. left by $60 billion. C. left by $15 billion. D. right by $60 billion.