HSAD 450 Exam 1 Questions And
Answers 100% Verified
Which is true about the Affordable Care Act of 2010?
A. It saved most people money on health insurance premiums
B. It was largely bipartisan
C. It allowed people with pre-existing conditions to be covered
D. It was widely popular with the public CORRECT ANSWERS C
Who largely was against passing the ACA of 2010?
A. Democrats
B. Republicans
C. Independents
D. Everyone hated it CORRECT ANSWERS B
T/F: The US spends more on medical care by almost all measures than any other
country in the world, and thus is the healthiest as ranked by the World Health
Organization. CORRECT ANSWERS false
T/F: Much of the increased spending is the result of supply side advances in medicine.
CORRECT ANSWERS True
Which is not one of the ten key economic concepts we discussed in class?
A. Competition
B. Market Failure
C. Market Analysis
D. Self-interest CORRECT ANSWERS C
Economics is...
A. The study of human behavior
B. Provides a systematic way of looking at a problem
C. Provides rationale for the efficient allocation of scarce resources
D. All of the above CORRECT ANSWERS D
Suppose the market for hospital outpatient treatment is in equilibrium when a price
ceiling is set below the equilibrium price. What do you expect to happen?
A. Surplus
B. Shortage
C. The # of outpatient visits will decrease
D. The demand for outpatient procedures will fall CORRECT ANSWERS B
Suppose the demand curve for medical care services is perfectly inelastic. What will the
impact of a 10% price increase be on quantity demanded?
A. Demand increases
, B. Demand decreases
C. Demand stays the same CORRECT ANSWERS C
T/F: The dead-weight loss (Surplus Value) from an excise tax is the lost surplus that
results from higher prices and lower output resulting from the tax. CORRECT
ANSWERS True
Suppose the U.S. Drug Enforcement Agency steps up its efforts to control the illegal
importation of Meth (We're on it) into South Dakota. What is the likely effect on the
market for illegal drugs in South Dakota?
A. The price of meth and the quantity imported will both increase.
B. The price of meth is likely increase and the quantity entering the state will decrease.
C. The price of marijuana, a meth substitute grown domestically, will fall. CORRECT
ANSWERS B
Which of the following is a way in which medical care differs from normal economics?
A. Unpredictability of demand
B. Barriers to entry
C. Trust
D. All of the above CORRECT ANSWERS D
T/F: A major factor driving health care reform debate is spending. CORRECT
ANSWERS True
T/F: Not having health insurance equates to not having access to healthcare.
CORRECT ANSWERS False
What is the price that the provider would want?
(picture on desktop- Ch. 3 Q4)
A. P1
B. P2
C. P3 CORRECT ANSWERS B
What is the price that the consumer would want?
(picture on desktop- Ch. 3 Q5)
A. P1
B. P2
C. P3
D. B CORRECT ANSWERS A
The direct costs in an economic evaluation include the all the following except
A. hospitalization
B. pharmaceuticals
C. pain and suffering
D. medical devices CORRECT ANSWERS C
Answers 100% Verified
Which is true about the Affordable Care Act of 2010?
A. It saved most people money on health insurance premiums
B. It was largely bipartisan
C. It allowed people with pre-existing conditions to be covered
D. It was widely popular with the public CORRECT ANSWERS C
Who largely was against passing the ACA of 2010?
A. Democrats
B. Republicans
C. Independents
D. Everyone hated it CORRECT ANSWERS B
T/F: The US spends more on medical care by almost all measures than any other
country in the world, and thus is the healthiest as ranked by the World Health
Organization. CORRECT ANSWERS false
T/F: Much of the increased spending is the result of supply side advances in medicine.
CORRECT ANSWERS True
Which is not one of the ten key economic concepts we discussed in class?
A. Competition
B. Market Failure
C. Market Analysis
D. Self-interest CORRECT ANSWERS C
Economics is...
A. The study of human behavior
B. Provides a systematic way of looking at a problem
C. Provides rationale for the efficient allocation of scarce resources
D. All of the above CORRECT ANSWERS D
Suppose the market for hospital outpatient treatment is in equilibrium when a price
ceiling is set below the equilibrium price. What do you expect to happen?
A. Surplus
B. Shortage
C. The # of outpatient visits will decrease
D. The demand for outpatient procedures will fall CORRECT ANSWERS B
Suppose the demand curve for medical care services is perfectly inelastic. What will the
impact of a 10% price increase be on quantity demanded?
A. Demand increases
, B. Demand decreases
C. Demand stays the same CORRECT ANSWERS C
T/F: The dead-weight loss (Surplus Value) from an excise tax is the lost surplus that
results from higher prices and lower output resulting from the tax. CORRECT
ANSWERS True
Suppose the U.S. Drug Enforcement Agency steps up its efforts to control the illegal
importation of Meth (We're on it) into South Dakota. What is the likely effect on the
market for illegal drugs in South Dakota?
A. The price of meth and the quantity imported will both increase.
B. The price of meth is likely increase and the quantity entering the state will decrease.
C. The price of marijuana, a meth substitute grown domestically, will fall. CORRECT
ANSWERS B
Which of the following is a way in which medical care differs from normal economics?
A. Unpredictability of demand
B. Barriers to entry
C. Trust
D. All of the above CORRECT ANSWERS D
T/F: A major factor driving health care reform debate is spending. CORRECT
ANSWERS True
T/F: Not having health insurance equates to not having access to healthcare.
CORRECT ANSWERS False
What is the price that the provider would want?
(picture on desktop- Ch. 3 Q4)
A. P1
B. P2
C. P3 CORRECT ANSWERS B
What is the price that the consumer would want?
(picture on desktop- Ch. 3 Q5)
A. P1
B. P2
C. P3
D. B CORRECT ANSWERS A
The direct costs in an economic evaluation include the all the following except
A. hospitalization
B. pharmaceuticals
C. pain and suffering
D. medical devices CORRECT ANSWERS C
