In the health insurance context, moral hazard occurs when patients make less healthy choices and doctors provide treatments that have little medical benefit because they know the costs will be covered by insurance.
Answer the following statement true (T) or false (F)
True
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The marginal social benefit curve for a product can be the same as the good's
A) marginal cost curve. B) supply curve. C) demand curve. D) consumer surplus curve.
Suppose that good X has few close substitutes and that good Y has many close substitutes. Which good would you expect to have more price elastic demand?
Officially, the payroll tax is referred to as
A. the trust fund tax. B. Social Security tax. C. contributions for social insurance. D. investment in Social Security.
Use the following table to answer the question below. Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800The terms of trade for 1 pound of green beans must lie between ________ and ________ pounds of corn.
A. 1/4, 6 B. 1, 6 C. 1/4, 1 D. 1, 4