What do you feel would be the effect of a mandate that requires all people to purchase health insurance?
What will be an ideal response?
Some people do not have insurance because they choose not to, not because they cannot
afford it. Some people feel that the money spent on insurance would enhance their quality of
life more by being spent on other items. Given preexisting illnesses, it would be very costly for
some to afford. Car insurance, however, is mandatory for all who drive; however, those who
do not want to pay do not have to drive. With health insurance, this option does not exist.
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In the above figure, once on PPF2, a country would grow slowest by producing at point
A) A. B) B. C) C. D) D.
Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole. B) includes the problems of inflation and unemployment. C) studies individual decision making by households and firms. D) concerns aggregate production and consumption.
For a natural monopoly, long-run average costs
A) fall as output increases. B) rise as output increases. C) fall as output falls. D) rise as output falls.
A benefit that accrues without compensation to someone other than the person who caused it is called:
A. an external benefit. B. a network benefit. C. a social benefit. D. a private benefit.