ECN 211 questions with correct answers

True or false, because private businesses are unable to profit from them, public goods are often supplied at quantities that are less than desirable in the market. Correct Answer-True A potential solution to the problem of the tragedy of the commons is assigning __________ to common resource pool goods and then enforcing them. Correct Answer-Property rights Club goods sold by private firms often result in ______ than efficient prices charged, and _____ than efficient quantities supplied. Correct Answer-higher, less Although licensing helps greatly to solve the issue of asymmetric information, it also has negative consequences like....... Select all that apply. Correct Answer-creating barriers to entry, creating a bureaucratic burden True or false: Healthcare spending as a share of U.S. GDP has decreased from . Correct Answer-False Which of the following were mentioned as factors contributing to increased healthcare costs? Correct Answer-Innovations in medical care Increases in standards of living The price of healthcare tends to rise faster than overall inflation Which of the following were some of the main imperfections in the market for healthcare that were covered in the lecture. Correct Answer-Asymmetric information and induced demand for medical care Increasing returns to scale in health insuranc