Question 1

In 1960, the percentage of total output the United States devoted to health care was about ________ percent.

Accepted Answer

A) 2 
B) 5 
C) 10 
D) 13 
A) 2 
B) 5 
C) 10 
D) 13

Question 2

Use the following to answer questions 
Exhibit: Rent Controls  
-A price ceiling will have no effect if:

Accepted Answer

A) it is set above the equilibrium price. 
B) the equilibrium price is above the price ceiling. 
C) set below the equilibrium price. 
D) it creates a shortage. 
A) it is set above the equilibrium price. 
B) the equilibrium price is above the price ceiling. 
C) set below the equilibrium price. 
D) it creates a shortage.

Question 3

An area of concern in the provision of health care in the United States is that:

Accepted Answer

A) health-care costs and spending are too high. 
B) too few resources are devoted to health care. 
C) physicians have no control over prices. 
D) everyone has an excessive amount of insurance. 
A) health-care costs and spending are too high. 
B) too few resources are devoted to health care. 
C) physicians have no control over prices. 
D) everyone has an excessive amount of insurance.

Question 4

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, the:

Accepted Answer

A) equilibrium price for health-care services is P2. 
B) equilibrium quantity is Q2. 
C) total amount spent on health-care services at the equilibrium price is OP3BQ2. 
D) equilibrium price for health-care services is P1. 
A) equilibrium price for health-care services is P2. 
B) equilibrium quantity is Q2. 
C) total amount spent on health-care services at the equilibrium price is OP3BQ2. 
D) equilibrium price for health-care services is P1.

In 1960, the percentage of total output the United States devoted to health care was about ________ percent.

Use the following to answer questions Exhibit: Rent Controls -A price ceiling will have no effect if:

An area of concern in the provision of health care in the United States is that:

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, the:

Economics: the Study of Choice

Confronting Scarcity: Choices in Production

Demand and Supply

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Filters

Exam 4: Applications of Supply and Demand

In 1960, the percentage of total output the United States devoted to health care was about ________ percent.

Use the following to answer questions Exhibit: Rent Controls -A price ceiling will have no effect if:

An area of concern in the provision of health care in the United States is that:

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, the:

Economics: the Study of Choice

Confronting Scarcity: Choices in Production

Demand and Supply

Macroeconomics: the Big Picture

Measuring Total Output and Income

Aggregate Demand and Aggregate Supply

Economic Growth

The Nature and Creation of Money

Financial Markets and the Economy

Monetary Policy and the Fed

Government and Fiscal Policy

Consumption and the Aggregate Expenditures Model

Investment and Economic Activity

Net Exports and International Finance

Inflation and Unemployment

A Brief History of Macroeconomic Thought and Policy

Inequality, Poverty, and Discrimination

Filters