MHA 710 EXAM 3 2026 FULL QUESTIONS AND
VERIFIED 100% CORRECT ANSWERS GRADED
A+
◉ The opportunity cost of investing in a new lithotripter (kidney
machine) is: Answer: defined by the next best use of the money invested
in the equipment
◉ What percentage of Americans considered the complete repeal of the
Patient Protection and Affordable Care Act of 2010 a good thing?
Answer: 40%
◉ By 2020, what was the forecasted percentage amount of health care
spending paid by individuals? Answer: 10.4%
◉ The "invisible hand" using Adam Smith's terminolgy refers to:
Answer: market forces working through the price mechanism
◉ According to recent public opinion polls, what percentage of
Americans are satisfied with the quality of medical care they recieve?
Answer: 70%
◉ According to economic theory, what is the optimal percentage of GDP
to be spent on medical care? Answer: There is no widely accepted way
to determine the optimal percentage
, ◉ Which of the following statements is based on positive analysis?
Answer: -Individuals without health insurance have less access to
physician's services than those who have health insurance
-The high cost of health insurance places US firms at a competitive
disadvantage with their foreign competitors
◉ The 1974 federal legislation that exempted employers from certain
state laws governing health insurance was: Answer: ERISA
◉ 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? Answer: Reducing wasteful
health care spending could provide additional funding to the education
sector
◉ The cost to society resulting from taxation to finance govt spending is
called: Answer: deadweight loss
◉ Assuming providers will accomodate patient desires, what effect
would a binding price ceiling have on the healthcare market? Answer:
Price will decrease to adhere to the price ceiling and quanitity will
increase
VERIFIED 100% CORRECT ANSWERS GRADED
A+
◉ The opportunity cost of investing in a new lithotripter (kidney
machine) is: Answer: defined by the next best use of the money invested
in the equipment
◉ What percentage of Americans considered the complete repeal of the
Patient Protection and Affordable Care Act of 2010 a good thing?
Answer: 40%
◉ By 2020, what was the forecasted percentage amount of health care
spending paid by individuals? Answer: 10.4%
◉ The "invisible hand" using Adam Smith's terminolgy refers to:
Answer: market forces working through the price mechanism
◉ According to recent public opinion polls, what percentage of
Americans are satisfied with the quality of medical care they recieve?
Answer: 70%
◉ According to economic theory, what is the optimal percentage of GDP
to be spent on medical care? Answer: There is no widely accepted way
to determine the optimal percentage
, ◉ Which of the following statements is based on positive analysis?
Answer: -Individuals without health insurance have less access to
physician's services than those who have health insurance
-The high cost of health insurance places US firms at a competitive
disadvantage with their foreign competitors
◉ The 1974 federal legislation that exempted employers from certain
state laws governing health insurance was: Answer: ERISA
◉ 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? Answer: Reducing wasteful
health care spending could provide additional funding to the education
sector
◉ The cost to society resulting from taxation to finance govt spending is
called: Answer: deadweight loss
◉ Assuming providers will accomodate patient desires, what effect
would a binding price ceiling have on the healthcare market? Answer:
Price will decrease to adhere to the price ceiling and quanitity will
increase
