Exam 37: Contemporary Issues in the Us Economy

If you have a policy with 20 percent co-insurance, your insurer will pay ___ percent of your bill, leaving ___ percent for you.

Artificial intelligence (AI) refers to creating and using intelligent machines that work and react like humans.

A pricing strategy below cost is often claimed to be ________ , done to drive rivals out of business so that the firm can subsequently raise its price back up to the monopoly level.

Adverse selection in health insurance occurs when those who are less likely to need health care, such as younger and healthier workers, choose not to purchase it.

Both Google and Facebook make their money by charging advertisers to run their ads, and the bigger an audience they have, the more they can charge.

In the health insurance context, moral hazard occurs when patients make less healthy choices and doctors provide treatments that have little medical benefit because they know the costs will be covered by insurance.

______________ refers to the fraction of your medical bill that you, rather than your insurer, must cover.

The United States tends to rely more on private health insurance than other countries do.

Social Security is an important example of a portable benefit that follows the worker, no matter who their employer is.

A trade war is said to occur when each country takes steps to make it harder for other countries to sell into its markets.

If you have a $50 co-pay, you must pay ____ for each doctor's visit.

A deductible is a fixed amount that the insured person must pay before their insurance kicks in.

Facebook and Google were responsible for over 60 percent of digital advertising expenditures in 2017.

The United States spends much more on health care per capita than other nations do but does not get better health outcomes.

When positive network effects are present, platform markets exhibit a particular kind of economy of scale.

Non-tariff barriers are tools that countries use to restrict trade such as regulatory or legal barriers or slow processing of goods at borders.

If you have, say, a $2,000 deductible, your insurance will only start paying after you have spent ____ of your own money on health care.

Network effects occur when the value of a platform to its users changes as the number of users rises.

Co-pay is a fixed amount that the insured person must pay each time he or she uses health care.

The default rate actually drops as the amount borrowed increases, that is, default rates are highest among those with the smallest student loan debts.