LSUS MHA 710 Economics Exam 3 Questions With Verified Answers.

LSUS MHA 710 Economics Exam 3 Questions With Verified Answers. Which of the following characteristics is true of the pharmaceutical industry? - answerExclusive rights to market & sell patented products. The tax fully dedicated to provide support for Medicare Part A is: - answerA 2.9 percent payroll tax paid by all workers, regardless of their age. Several reform options have been discussed by Congress to solve some of the structural problems that plague the program. Which of the following options has received little support? - answerLimit the coverage for end-of-life care, the most expensive single item in Medicare, to include only essential palliative care. Part B pays what percentage of the allowable fee set by Medicare? - answer80 percent. Which of the following statements is true concerning the trend in community hospital care between inpatient & outpatient services since the mid-1980s? - answerOutpatient services have been growing, while inpatient services have been declining. On average, biopharmaceutical companies spend approximately what percentage of their sales revenue on research & development? - answer5-10 percent. In 2019, Medicare covered approximately how many Americans? - answer60 milllion. What was the main effect of the agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) on United States' domestic policy? - answerIt extended the life of patents from 17 years from the date of grant to 20 years from the date of application. Suppose the market for nursing services in a local community is so dominated by a single community hospital that, for all practical purposes, it is considered a monopsony. Using the diagram below, answer the question. If the market were perfectly competitive instead of dominated by a monopsonist, what would the equilibrium wage & level of employment be? - answerW1 & E1. In order to be a successful price discriminator, a provider must have a degree of market power (depicted by a downward-sloping demand curve) & meet what other condition(s)? - answerMarkets must be segmentable, identifying differences in ability to pay. The merger of 2 community hospitals located in the same geographic market is called: - answerHorizontal integration.