LSUS MHA 710 Economics Exam 1 Questions and Answers Solved Correctly Latest

LSUS MHA 710 Economics Exam 1 Questions and Answers Solved Correctly Latest 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. 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. 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 impact on the market for abdominal surgery using this new technology? - Answers Demand for robot-assisted surgery will increase, & prices will rise. If a hospital is experiencing economies of scale: - Answers Its average cost curve is negatively sloped as output increases. Which of the following does NOT contribute to wasteful spending in medical care? - Answers Price transparency. Which of the following statements is based on positive analysis? - Answers High health care prices are one of the primary reasons that the United States spends more on medical care than other countries. Which of the following is NOT considered to be a factor in the recent slowing of health care spending? - Answers Growing U.S. gross domestic product (GDP). If two women receive the same hip replacement procedure at a hospital, but are charged differently, it is an example of: - Answers Price discrimination. Which of the following is NOT a personal health expenditure? - Answers Program administration. Inoculation programs against certain disease such as small pox, polio, & whooping cough create: - Answers Positive externalities in consumption. The cost to society resulting from taxation to finance government spending is called: - Answers deadweight loss. In the 1960s, individuals paid for the majority of their medical care out of pocket. Increased insurance coverage, both private & public, displaced out-of-pocket spending as the primary source of payment. By 2020, what was the forecasted percentage amount of health care spending paid by individuals? - Answers 10.4 percent