Quiz 15 of ECON251 Purdue University In Tutorial Library

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TITLE: Quiz 15 of ECON251 Purdue University

UNIVERSITY / INSTITUTE: Purdue University

CLASS / COURSE: ECON 25100: Microeconomics

QUESTION DESCRIPTION:

Quiz 15 (Chapter 21)
 
1. Which person would most likely be eligible to receive Medicare? 
 
A. A student attending a state university  
 B. A person receiving Social Security benefits    
C. A part-time worker at a manufacturing company  
D. A U.S. college professor teaching in another country  
 
2. Health care spending absorbed about what percentage of GDP? 
 
A. 4 percent  
 B. 16 percent    
C. 21 percent  
D. 35 percent  
 
3. One of the economic effects of rising health care costs in the labor market is that: 
 
A. Productivity in medical care decreases  
B. The demand for medical workers is decreasing  
C. Government is cutting health care coverage for workers  
 D. Employers are using more temporary and part-time workers    
 
4. Most economists who have studied the health care industry have concluded that there is: 
 
A. An underallocation of resources for health care in the United States  
 B. An overallocation of resources for health care in the United States    
C. Insufficient technological progress in the medical industry  
D. A need for government price controls for physicians' fees  
 
5. Data on the income elasticity of demand for health care suggest that health care is a(n): 
 
A. Asymmetric good  
B. Negative good  
C. Inferior good  
 D. Normal good    
 
6. A decrease in the demand for health care would most likely result from: 
 
A. Newer and more costly medical technology  
B. More use of defensive medicine  
C. An aging population  
 D. Healthier lifestyles    
 
7. One of the special features of the health care market is asymmetric information. Which situation is not characteristic of asymmetric information? 
 
A. The doctor (supplier) tells the patient (demander) what to purchase  
B. Buyers have little understanding of procedures  
C. Sources for reliable consumer information are rare  
 D. Consumers pay lower out-of-pocket costs    
 
8. Which would increase the supply of health care services? 
 
A. Increased practice of defensive medicine  
B. More tax subsidies for consumers  
 C. Increases in physicians' productivity    
D. Increases in health insurance coverage  
 
9. An increase in the supply of health care would most likely result from: 
 
A. An aging population  
B. More use of defensive medicine  
 C. Increased productivity in health care    
D. A sharp reduction in the number of physicians  
 
10. A major trade-off found in health care is that: 
 
A. It reduces unemployment, but increases consumption  
 B. The marginal benefit of health care is less than its marginal cost  
C. Medical technology often improves it, but it adds to the cost    
D. The supply of health care is greater than the demand for health care  
 

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SUBJECTS / CATEGORIES:
1. Business Economics
2. Economics
3. Microeconomics

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