Principles of Economics 2e
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ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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- 12arrow_forward10arrow_forwardWhat proportion on the GDP is spent on health care? 0.2 0.75 0.18 0.30 QUESTION 2 Which of the following options is incorrect about US health care? Health care spending as a share of GDP has been steady from 2008 to 2012 The projected health care spending as a share of GDP in 2020 is lower than the current share. Increase in life expectancy is one of the reasons of increase in health care costs US is categorized as a country with high health care costs QUESTION 3 For every 10 percent increase in price of health care services, demand falls by 3 percent. How much is the own price elasticity of demand for health care? 0.3 3.33 -3.33 -0.3 QUESTION 4 What is a Cadillac plan? Health insurance plan for Cadillac company (car manufacturer) A very generous employer-sponsored health insurance plan There is no such plan A very generous health plan for Cadillac owners QUESTION 5 Demand for health care is not Downward sloping Sensitive to the price of health care Vertical Horizontal…arrow_forward
- 1. You have been hired as a consultant for the City of Los Angeles. City planners need to understand population data and use the data to predict the population in the future. Having a good estimate of the city's population helps the planners decide how much money will be needed for city maintenance and services, and helps local officials anticipate the needs for housing, school and other construction, and much more. Your work begins with finding the population of Los Angeles in the United States Census for 1920 to 2010. The U.S. Census Bureau data for the City of Los Angeles 1920-2010 appears in table below. Year Actual Population using Population using Quadratic Model Population using Exponential Model х, уears since Population Linear Model 1920 1920 576,673 10 1930 1,238,048 20 1940 1,504,277 30 1950 1,970,358 40 1960 2,479,015 50 1970 2,816,061 60 1980 2,966,850 70 1990 3,485,398 80 2000 3,694,820 90 2010 3,792,621 a. One way to model the population is with a linear function, y = mx…arrow_forwardPlease no written by hand Regarding the paper: How and why US health care differs from that in other OECD countries by Victor R. Fuchs In 6-12 paragraphs, explain three (or more) reasons the paper is or may be correct and three (or more) reasons the paper may be wrong. For each reason pro and con, give a counter argument. For one pro counterargument and one con counter argument, give a counter-counter argument. That is, you should have three pros, three counters to pros, and one counter-counter to one of the counter arguments to the pros. Same with cons: three cons, three counters, and one counter-counter.You answers should be based in economic reasoning and refer to the concepts of class such as utility, theory of insurance, cost-effectiveness, adverse selection, moral hazard, stake-holders and social movements, etc. Your answers should give details for each pro, con, and counter such that the reader will understand what each point means and why it is important.arrow_forwardWhy is it difficult to measure health outcomes?arrow_forward
- Suppose that someone wants to present data on health expenditures by different levels of educational attainment and produces the following table: Health Expenditures by Educational Attainment, 2012 Health care 2217 3119 3289 3630 4340 5067 3556 Less than high school High school degree Some college Associate's degree Bachelor's degree Graduate degree All consumers 000000 Drugs 447 Appropriate title Appropriate use of color Appropriate use of lines 454 473 582 551 675 515 Health insurance Consider the table carefully. The items below represent a set of considerations for making good visualizations. Which one of these is clearly wrong? Appropriate use of font styles Appropriate font sizes Appropriate use of decimal places Appropriate use of bold/italics Appropriate labels 1318 1901 1823 2086 2503 2880 2061arrow_forwardThe economic activity of a country is often quantified as the gross domestic product (GDP), which is the sum of private and government consumption, investments, and net exports (the value of exports minus the value of imports). For a developed country such as the United States, economists might see a GDP growth rate of 3% a year as reasonable. However, production and consumption create some pollution. By how much would pollution per dollar of GDP have to decline for pollution levels 50 years from now to be the same as current levels, assuming a 3% annual growth rate of GDP? In 75 years? In 100 years? (Hint: Let the current pollution level be 1 and find out what the future pollution level would be).arrow_forwardQUESTION 19 What are the three components of health as defined by the World Health Organization? A. Physical, mental and social well-being B. No diseases, sickness or illness C. Positive health outcomes, low morbidity rates, and mental well-being D. Physical, spiritual and mental well-beingarrow_forward
- Find evidence that can explain how the difference in GDP influences the health of people who reside in that country. Here, you are identifying a determinant of health and at least one risk factor. Summarize what you found and justify the determinant of health and risk factor. Cite in - in text citation . explain in 4 sentences or more.arrow_forwardexplain the economic health of Grenada base on the information below Grenada gdp per capita for 2020 was $9,680, a 10.5% decline from 2019. Grenada gdp per capita for 2019 was $10,816, a 3.14% increase from 2018. Grenada gdp per capita for 2018 was $10,486, a 3.29% increase from 2017. Grenada gdp per capita for 2017 was $10,153, a 5.45% increase from 2016.arrow_forwardQuestion 11 Assume that a "bundle" of health care goods is indexed to $100 in 1950, and a "bundle" of all goods is also indexed to $100 in 1950. Furthermore, assume that the medical care consumer price index (CPI) grows at 6% per year, while the general CPI grows at 4.2% per year. After 5 years, approximately how much does does the bundle of health care goods cost? $130 $100 1/1 pts $134 $123arrow_forward
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