Exam 4: Applications of Supply and Demand

Use the following to answer questions . Exhibit: Supply and Demand in Agriculture -(Exhibit: Supply and Demand in Agriculture) If a price floor at P₄ is set to help farmers in terms of income and government wants to assure farmers that their output will be purchased, the government would have to purchase an amount of output equal to:

An arrangement in which consumers choose their health-care services while other institutions pay a share of the cost of those services is called a(n) ________ payer system.

Using a simple demand and supply model, discuss how insurance affects the health-care market.

Increased spending on consumer goods such as refrigerators, TV sets, and other items of furniture is considered desirable. Why, then, is there so much concern, even frustration, about the dramatic increase in health-care expenditures?

The equilibrium price established by demand and supply could be called a "just right" price because:

Third-party payments have led to an increase in the price and quantity of health care in the United States.

Rent controls:

A market price support policy establishes price ________ the market equilibrium.

The United States is confronted with two significant problems in health care. They are:

As discussed in the Case in Point on Arab spring and oil markets, the regime changes in Tunisia, Egypt, and Libya through 2011 resulted in:

Third-party payers for health-care services include payments made by:

Health care is a(n):

Use the following to answer questions . Exhibit: The Market for Health Care -(Exhibit: The Market for Health Care) Based on the exhibit and assuming that there are no third-party payers:

A feature of the health-care market is:

In the stock market:

Most firms in the United States today are:

A ceiling price set in the policy of rent controls:

During the 1930s, the role of the federal government in the U.S. agricultural industry:

Which of the following statements is (are) true?

The downside to helping farmers through price supports and output restrictions has been that: