Suppose the president is attempting to decide whether the federal government should spend more on research to find a cure for heart disease. What is the opportunity cost of spending more money to find a cure for heart disease? O A. The total explicit cost of the research to cure heart disease. B. The reduction in funding for research to cure other diseases. O C. The monetary value of a human life. O D. The cost of the Medicare/Medicaid program. O E. The reduction in future health-related costs of heart disease. How should policymakers determine the amount of money that should be allocated for research curing heart disease? They should base their decision on O A. the number of people who have heart disease compared to the number of people who have other diseases. O B. whether the last dollar devoted to research on heart disease results in more benefit than the last dollar spent on research for curing other diseases. O c. the value of the total benefit of research on curing other diseases. O D. the number of people who die from heart disease compared to number of people who die from other diseases. O E. the value of the total benefit of the research on heart disease.

Assume that health insurance is private in a country, and the market for insurance is competitive. The figure below shows the marginal benefit and willingness and ability to pay curve. Premium (thousands of dollars per year) 30 million. 40 million. 10 million. 20 million. 12 O 10 CO 6 2 O 10 D = MB 50 20 30 40 Quantity (millions of families insured) Suppose that the marginal social benefit of insurance exceeds the willingness and ability to pay by a constant $2,000 per family per year. Suppose the marginal cost of health insurance is a constant $8,000 a year. What is the efficient quantity of health insurance policies?

QUESTION 12 Under realistic conditions, optimal social insurance systems should: O a. not insure individuals against adverse events. O b. partially, but not completely, insure individuals against adverse events. O c. completely insure individuals against adverse events. O d. prevent adverse events. QUESTION 13 When no private market for insurance exists, social insurance programs make O a. consumption smoothing Ob. self-insurance Oc. adverse selection Od. moral hazard QUESTION 14 Moral hazard leads to workers with workers' compensation to set the wage: O a. above the marginal value of leisure. Ob.equal to the workers' compensation payment. O c. above their marginal product. O d. equal to the marginal value of leisure. QUESTION 15 In the United States, private insurance exists in each of these product areas EXCEPT: a. auto insurance. b. life insurance. Oc. casualty and property. d. Medicare. possible. QUESTION 16 Adrianne is buying a life insurance policy and the underwriter asks her to…

Question 30 When individuals do not have to pay for health care, then: O the equilibrium quantity of health care decreases o the demand of health care increases O the demand of health care decreases O the equilibrium price of health care decreases • Previous Saving f8 fg fio

True or False: Short-term disability insurance usually requires a short waiting period before it pays benefits. O True O False

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Match each term with the following correct definition . v Money that a business owes for supplies or services received. a. Premium v C ode used to describe the condition or disease being treated, also known as the b. Cо-pay diagnosis. v That which is most important. С. РРО d. Medicaid v Group of health care providers who offer medical care benefit packages. e. ICD-10 v Assignment of standardized numbers to diagnoses and procedures. f. Accounts payable g. Coding h. Priority i. Deductible v Amount that patients who are covered by insurance must pay themselves for health care services. v State-administered program to help pay costs of health care for low-income and disabled individuals. j. Coinsurance v Amount a customer pays an insurance company in exchange for coverage of certain health care expenses. v A cost-sharing provision that stipulates that the insured is to assume a percentage of the costs of covered services. v Amount required to be paid by the insured before benefits become…

Which of the following is true of social welfare? O a. It is a government program through which society takes care of low-income groups. b. It refers to the overall well-being of people in an economy. c. It solely depends on the income earned by people. d. It applies to sociology, not economics. e. It is measured in terms of spending on social welfare programs.

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In one thinks in terms of marginal costs vs. marginal benefit why should we not double the government's expenditure on medical care