What impact do private insurance companies and Medicare have on national medical costs?
A. Medical costs go down because the insurance company pays the bill.
B. Medical costs go up because insurance leads to an increase in the quantity demanded of medical services.
C. Medical cost are unaffected by insurance companies.
D. Medical costs go up because insurance will lead to the reduction in the supply of medical services due to the amount of paperwork required.
Answer: B
You might also like to view...
Suppose there is a simultaneous increase in demand and increase in supply. Given this information, we know with certainty that
A) both the equilibrium price and the equilibrium quantity will increase. B) the equilibrium price will increase, and the equilibrium quantity will increase. C) the equilibrium quantity will increase. D) the equilibrium price will increase.
A monopoly occurs when
A. Owners take on additional risk and earn huge profits. B. Companies become greedy and raise the price of a good or service. C. There is only one producer of a good or service. D. There is only one buyer of a good or service.
The four components of aggregate expenditure are:
A. consumption, investment, government purchases, and net exports B. consumption, investment, government transfers, and net interest. C. spending on domestic goods, domestic services, foreign goods, and foreign services. D. spending on durable goods, inventory investment, government debt, and net exports.
In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________
A) of 17 percent; 33 percent B) of less than 10 percent; over 40 percent C) of 100 percent; 20 percent D) above 50 percent; less than 1.5 percent