Macroeconomics
11th Edition
ISBN: 9781260506891
Author: Colander
Publisher: MCG
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Chapter 1, Problem 7IP
To determine
Explain whether the human organs should be allowed or not to be bought and sold.
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For a single illness (such as a sore throat and cough), show the demand curves
for three different consumers with different preferences about medical care and
other goods. Need the demand curves be parallel? Could they ever cross? Now
aggregate those three demand curves into a demand curve for them together. If
these three people constitute the entire population in a market area, then this
demand curve is the "market" demand curve. Think about what would happen
when you aggregated the demand curves of thousands of individuals.
Journalist: To reconcile the need for profits sufficient to support new drug with
the moral imperative to provide medicines to those who most need them but
can not afford them, some pharmaceutical companies feel justified in selling a
drug in rich nations at one price and in poor nations at a much lower price. But
this practice is unjustified. A nation with a low average income may still have a
substantial middle class better able to pay for new drugs than are many of the
poorer citizens of an overall wealthier nation.
Which one of the following principles, if valid, help to support the journalist's
reasoning?
a. People who are ill deserve more consideration than do healthy people,
regardless of their relative socioeconomic positions.
b. Whether one deserves special consideration depends on one's needs
rather than on the characteristics of the society to which one belongs.
c. Wealthier institutions have an obligation to expend at least some of their
resources to assist those incapable…
One of the most important sources of mortality risk worldwide is traffic accidents. How can the United States reduce the number of traffic accidents per year?
Chapter 1 Solutions
Macroeconomics
Ch. 1.1 - Prob. 1QCh. 1.1 - Prob. 2QCh. 1.1 - Prob. 3QCh. 1.1 - Prob. 4QCh. 1.1 - Prob. 5QCh. 1.1 - Prob. 6QCh. 1.1 - Prob. 7QCh. 1.1 - Prob. 8QCh. 1.1 - Prob. 9QCh. 1.1 - Prob. 10Q
Ch. 1 - Prob. 1QECh. 1 - Prob. 2QECh. 1 - Prob. 3QECh. 1 - Prob. 4QECh. 1 - Prob. 5QECh. 1 - Prob. 6QECh. 1 - Prob. 7QECh. 1 - Prob. 8QECh. 1 - Prob. 9QECh. 1 - Prob. 10QECh. 1 - Prob. 11QECh. 1 - Prob. 12QECh. 1 - Prob. 13QECh. 1 - Prob. 14QECh. 1 - Prob. 15QECh. 1 - Prob. 16QECh. 1 - Prob. 17QECh. 1 - Prob. 18QECh. 1 - Prob. 1QAPCh. 1 - Prob. 2QAPCh. 1 - Prob. 3QAPCh. 1 - Prob. 4QAPCh. 1 - Prob. 5QAPCh. 1 - Prob. 6QAPCh. 1 - Prob. 1IPCh. 1 - Prob. 2IPCh. 1 - Prob. 3IPCh. 1 - Prob. 4IPCh. 1 - Prob. 5IPCh. 1 - Prob. 6IPCh. 1 - Prob. 7IPCh. 1 - Prob. 8IPCh. 1 - Prob. 9IPCh. 1 - Prob. 10IPCh. 1 - Prob. 11IPCh. 1 - Prob. 12IPCh. 1 - Prob. 13IP
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- The graph below shows the market for medical services in a country. Initially, there is no government health care system and the price per unit is 200 TL. Then the government decides to provide health care program in which the citizens pay only 40 TL for any medical acre they take. Total health expenditures without any government health care program is …………… The amount of medical services per year when government provides health care is ………….. Total health expenditures with government health care program is ……………… Government’s total health care expenditure is ………………. Citizens’ total health care expenditure after government health care program is ………. The amount of deadweight loss due to government health care program is …………………arrow_forwardNobel Prize winner and New York Times columnist Paul Krugman noted that economics is a lot like medicine: Knowledge is limited and many cures are quite painful. What are some other ways that economics and medicine are alike?arrow_forwardIf you could create the best transplant system for a country, what regulations would you create to manage the cost and benefits of transplants? answer in three paragrapharrow_forward
- A recent trend in health insurance is the Health Savings Account (HSA). The idea behind Health Savings Accounts is that rather than providing employees with health insurance that makes visiting doctors cost little more than a simple $10 or $20 copay the employer gives the employee money to use to spend on health care, but the employee bares the entire cost of seeing the doctor. What money given for health care not spent by the employee can be withdrawn by the employee as if it was additional income. It is believed that Health Savings Accounts will reduce the total amount of money spent on seeing doctors. Using Supply and Demand analysis, explain why there is the expectation that HSA’s will reduce spending on doctors.arrow_forwardTo ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the US. Sometimes this means that a company must test a drug for years before receiving FDA approval and reaching the market. We can easily identify the "winners" in this system as those who are protected from unsafe drugs that might otherwise harm them. Who are the more "anonymous losers" who suffer due to the strict FDA medical regulations? Explain why according to the theory of rational ignorance, an individual will decide not to participate in the election process (vote).arrow_forwardThe demand curve for kidneys is downward sloping and the supply curve of kidneys is upward sloping. If it is unlawful to pay someone for a kidney, fewer kidneys will be forthcoming. In other words, the quantity supplied of kidneys is less at $0 than at, say, 20,000.Fewer kidneys supplied mean fewer kidney. Would there be fewer kidney transplants if the supply curve of kidneys is vertical?arrow_forward
- One of the problems of allowing goods and services to be distributed solely by the market is that income is unequally distributed, especially here in the US. Why would the market produce an inadequate level of some goods and services, which society might view as critical for peoples’ well being, while at the same time, use a significant quantity of resources to produce goods and services that contributed little to society’s overall well being? Your answer should contain at least two examples of goods and services that are critical and inadequately produced and two examples of goods and services that are largely wasteful and overproduced (4 examples in total). Remember your answer should revolve around the distribution of income, and should be focused only on the United States.arrow_forwardWhy economics is essential in addressing the health-related problem?arrow_forwardwhat is Mexico mortality and morbidity?arrow_forward
- what is the role of government in bringing about Pareto-efficiencyarrow_forwardIs there any graph that can show about the Malthusian Theory of the decreasing in supply food that will increase the population?arrow_forwardThe graph below represents a simplified hypothetical version of the market for medical procedures in Canada. If the market is allowed to set the price and quantity of procedures, what price and quantity will it set? P = $7,000, Q = 62 thousand P = $12,000, Q = 106 thousand P = $7,000, Q = 112 thousand P = $49,000, Q = 62 thousandarrow_forward
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