LSUS MHA 710 ECONOMICS EXAM 1 WITH
CORRECT QUESTIONS WITH CORRECTRY
ANALYZED ANSWERS (ACTUAL EXAM)
ALREADY GRADED A+ LATEST 2024 – 2025
Suppose you are a politician being criticized in a debate for your commitment to
reducing the growth of medical spending. Which of the following is the most
appropriate response? - ANSWERS-Reducing wasteful heath care spending could
provide additional funding to the education sector.
Assuming that a market is perfectly competitive & in a state of equilibrium, which
of the following statements is always true when the price changes? - ANSWERS-
Social welfare decreases.
Assuming providers will accommodate patient desires, what effect would a
binding price ceiling have on the health care market? - ANSWERS-Price will
decrease to adhere to the price ceiling & quantity will increase.
, Suppose the U.S. Food & Drug Administration restricts the amount of prescription
opiates produced & sold in the U.S. market. What is the likely effect on the
market for drugs used to control chronic pain the United States? - ANSWERS-The
price of prescription opiates will increase & the quantity consumed will decrease.
Which of the following represents the largest category of health care spending in
the United States? - ANSWERS-Hospital Care
The direct effect of a shortage of hospital beds in a hospital services market is: -
ANSWERS-Upward pressure on the price of a hospital stay.
All of the following will cause a shift in the medical care supply curve, except: -
ANSWERS-A change in the percentage of the population with health insurance.
The following graph depicts the market for CT scanners in the United States:
Assume an initial equilibrium at D1 and S1 with a price of $1.20 million per
machine. If the government places a $100,000 excise tax on each new scanner
sold, the new equilibrium price will be: - ANSWERS-less than $1.30 million.
Suppose robotic technology improves the results of abdominal surgery—less time
to perform the surgery, faster recovery times, and fewer mistakes. What is the
CORRECT QUESTIONS WITH CORRECTRY
ANALYZED ANSWERS (ACTUAL EXAM)
ALREADY GRADED A+ LATEST 2024 – 2025
Suppose you are a politician being criticized in a debate for your commitment to
reducing the growth of medical spending. Which of the following is the most
appropriate response? - ANSWERS-Reducing wasteful heath care spending could
provide additional funding to the education sector.
Assuming that a market is perfectly competitive & in a state of equilibrium, which
of the following statements is always true when the price changes? - ANSWERS-
Social welfare decreases.
Assuming providers will accommodate patient desires, what effect would a
binding price ceiling have on the health care market? - ANSWERS-Price will
decrease to adhere to the price ceiling & quantity will increase.
, Suppose the U.S. Food & Drug Administration restricts the amount of prescription
opiates produced & sold in the U.S. market. What is the likely effect on the
market for drugs used to control chronic pain the United States? - ANSWERS-The
price of prescription opiates will increase & the quantity consumed will decrease.
Which of the following represents the largest category of health care spending in
the United States? - ANSWERS-Hospital Care
The direct effect of a shortage of hospital beds in a hospital services market is: -
ANSWERS-Upward pressure on the price of a hospital stay.
All of the following will cause a shift in the medical care supply curve, except: -
ANSWERS-A change in the percentage of the population with health insurance.
The following graph depicts the market for CT scanners in the United States:
Assume an initial equilibrium at D1 and S1 with a price of $1.20 million per
machine. If the government places a $100,000 excise tax on each new scanner
sold, the new equilibrium price will be: - ANSWERS-less than $1.30 million.
Suppose robotic technology improves the results of abdominal surgery—less time
to perform the surgery, faster recovery times, and fewer mistakes. What is the
