Question 1

Empirical evidence suggests that Social Security has _______ the overall supply of labor.

Accepted Answer

A) Had no effect on 
B) Reduced 
C) Increased 
D) Stimulated 
E) Done none of the above to 
A) Had no effect on 
B) Reduced 
C) Increased 
D) Stimulated 
E) Done none of the above to

Question 2

The most significant factor that threatens the financial stability of the Social Security system is the

Accepted Answer

A) Increasing number of young workers 
B) Relatively high rates of Social Security taxes 
C) Population bulge created by the "baby boom" generation 
D) Generosity of current Social Security benefits 
E) Threat of foreign workers entering the U.S.due to NAFTA 
A) Increasing number of young workers 
B) Relatively high rates of Social Security taxes 
C) Population bulge created by the "baby boom" generation 
D) Generosity of current Social Security benefits 
E) Threat of foreign workers entering the U.S.due to NAFTA

Question 3

A potential benefit of managed care plans to Medicare enrollees is that these plans

Accepted Answer

A) Typically require less cost sharing 
B) Provide a higher quality of health care 
C) Provide a greater quantity of health care 
D) Require less paper work 
E) Do all of the above 
A) Typically require less cost sharing 
B) Provide a higher quality of health care 
C) Provide a greater quantity of health care 
D) Require less paper work 
E) Do all of the above

Question 4

All current Social Security taxes collected by the government are used to pay current beneficiaries,with nothing left over.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following factors has contributed most to the tremendous increase in health care expenditures experience in the U.S.during the past fifty years?

Accepted Answer

A) Health care inflation 
B) The aging of the population 
C) Increased public support for health care 
D) Private health insurance 
E) Growth in Medicaid 
A) Health care inflation 
B) The aging of the population 
C) Increased public support for health care 
D) Private health insurance 
E) Growth in Medicaid

Question 6

Privatization of the Social Security system would reduce the financial risks faced by retiring workers.

Accepted Answer

A) True 
 B)False

Question 7

If your deductible is $400 and you have co-insurance of 25%,how much will you have to pay for a $5,000 hospital stay?

Accepted Answer

A) $400 
B) $1,150 
C) $1,250 
D) $1,550 
E) $1,650 
A) $400 
B) $1,150 
C) $1,250 
D) $1,550 
E) $1,650

Question 8

The largest social insurance program in the United States is

Accepted Answer

A) Temporary Assistance for Needy Families 
B) Social Security 
C) Medicaid 
D) Federal Flood Insurance 
E) Job Corps 
A) Temporary Assistance for Needy Families 
B) Social Security 
C) Medicaid 
D) Federal Flood Insurance 
E) Job Corps

Question 9

The Following Questions Refer to the graph below.  
-If patients pay the full price for office visits,what price will be charged in the market?

Accepted Answer

A) $0 
B) $25 
C) $50 
D) $75 
E) More than $75 
A) $0 
B) $25 
C) $50 
D) $75 
E) More than $75

Question 10

The Medicare Modernization Act,passed in 2003,established

Accepted Answer

A) the first long term care coverage for Medicare recipients 
B) lowered deductibles for most Medicare recipients 
C) added a prescription drug benefit to the Medicare program 
D) instituted stringent price controls on the fees doctors and hospitals can charge 
E) restricted the benefits that high income Medicare recipients can receive 
A) the first long term care coverage for Medicare recipients 
B) lowered deductibles for most Medicare recipients 
C) added a prescription drug benefit to the Medicare program 
D) instituted stringent price controls on the fees doctors and hospitals can charge 
E) restricted the benefits that high income Medicare recipients can receive

Question 11

A person with health insurance will tend to

Accepted Answer

A) Have a lower demand for health care services 
B) Have a much greater concern for preventive care 
C) Buy a lower quantity of health care at a higher price 
D) Demand more health care services than a person without insurance 
E) Do none of the above 
A) Have a lower demand for health care services 
B) Have a much greater concern for preventive care 
C) Buy a lower quantity of health care at a higher price 
D) Demand more health care services than a person without insurance 
E) Do none of the above

Question 12

If a program's benefits are funded by interest earned on accumulated payments,it is which type of system?

Accepted Answer

A) An investment system 
B) A fully funded scheme 
C) An interest scheme 
D) A pay-as-you-go system 
E) An endowed system 
A) An investment system 
B) A fully funded scheme 
C) An interest scheme 
D) A pay-as-you-go system 
E) An endowed system

Question 13

A patient may be required to pay a percentage of the cost of their health care above the fixed fee they pay.This is known as

Accepted Answer

A) The deductible 
B) Co-insurance 
C) Fee-for-service 
D) The health care tax 
E) Medicare tax 
A) The deductible 
B) Co-insurance 
C) Fee-for-service 
D) The health care tax 
E) Medicare tax

Question 14

Which of the following is true concerning Social Security's retirement benefit structure?

Accepted Answer

A) All eligible retired workers are entitled to the same benefits 
B) High wage workers receive a greater percentage of past earnings in benefits than low wage workers 
C) Retired female workers are entitled to higher benefits than retired male workers 
D) Low wage workers receive a greater percentage of past earnings in benefits than do high wage workers 
E) Retired workers living in cities receive larger benefits than those living in rural areas 
A) All eligible retired workers are entitled to the same benefits 
B) High wage workers receive a greater percentage of past earnings in benefits than low wage workers 
C) Retired female workers are entitled to higher benefits than retired male workers 
D) Low wage workers receive a greater percentage of past earnings in benefits than do high wage workers 
E) Retired workers living in cities receive larger benefits than those living in rural areas

Question 15

Without Social Security,nearly 50 percent of elderly households would live below the poverty thresholD.

Accepted Answer

A) True 
 B)False

Question 16

The bequest effect of Social Security causes some people to save less during their lifetimes.

Accepted Answer

A) True 
 B)False

Question 17

Current estimates indicate that the Social Security Trust Fund will be depleted before 2040.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following receives the largest share of expenditures made on health care in the United States?

Accepted Answer

A) Physicians 
B) Nursing homes 
C) Hospitals 
D) Personal health care product and service providers 
E) Pharmacies 
A) Physicians 
B) Nursing homes 
C) Hospitals 
D) Personal health care product and service providers 
E) Pharmacies

Question 19

The demand for health services is characterized by well-informed consumers.

Accepted Answer

A) True 
 B)False

Question 20

Social insurance uses tax revenues to guarantee citizens financial benefits for events including

Accepted Answer

A) Old age 
B) Disability 
C) Poor health 
D) Death of a spouse 
E) All of the above 
A) Old age 
B) Disability 
C) Poor health 
D) Death of a spouse 
E) All of the above

Empirical evidence suggests that Social Security has _______ the overall supply of labor.

The most significant factor that threatens the financial stability of the Social Security system is the

A potential benefit of managed care plans to Medicare enrollees is that these plans

All current Social Security taxes collected by the government are used to pay current beneficiaries,with nothing left over.

Which of the following factors has contributed most to the tremendous increase in health care expenditures experience in the U.S.during the past fifty years?

Privatization of the Social Security system would reduce the financial risks faced by retiring workers.

If your deductible is $400 and you have co-insurance of 25%,how much will you have to pay for a $5,000 hospital stay?

The largest social insurance program in the United States is

The Following Questions Refer to the graph below. -If patients pay the full price for office visits,what price will be charged in the market?

The Medicare Modernization Act,passed in 2003,established

A person with health insurance will tend to

If a program's benefits are funded by interest earned on accumulated payments,it is which type of system?

A patient may be required to pay a percentage of the cost of their health care above the fixed fee they pay.This is known as

Which of the following is true concerning Social Security's retirement benefit structure?

Without Social Security,nearly 50 percent of elderly households would live below the poverty thresholD.

The bequest effect of Social Security causes some people to save less during their lifetimes.

Current estimates indicate that the Social Security Trust Fund will be depleted before 2040.

Which of the following receives the largest share of expenditures made on health care in the United States?

The demand for health services is characterized by well-informed consumers.

Social insurance uses tax revenues to guarantee citizens financial benefits for events including

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Exam 15: Social Security and Medicare: How Secure Is Our Safety Net for the Elderly

Empirical evidence suggests that Social Security has _______ the overall supply of labor.

The most significant factor that threatens the financial stability of the Social Security system is the

A potential benefit of managed care plans to Medicare enrollees is that these plans

All current Social Security taxes collected by the government are used to pay current beneficiaries,with nothing left over.

Which of the following factors has contributed most to the tremendous increase in health care expenditures experience in the U.S.during the past fifty years?

Privatization of the Social Security system would reduce the financial risks faced by retiring workers.

If your deductible is $400 and you have co-insurance of 25%,how much will you have to pay for a $5,000 hospital stay?

The largest social insurance program in the United States is

The Following Questions Refer to the graph below. -If patients pay the full price for office visits,what price will be charged in the market?

The Medicare Modernization Act,passed in 2003,established

A person with health insurance will tend to

If a program's benefits are funded by interest earned on accumulated payments,it is which type of system?

A patient may be required to pay a percentage of the cost of their health care above the fixed fee they pay.This is known as

Which of the following is true concerning Social Security's retirement benefit structure?

Without Social Security,nearly 50 percent of elderly households would live below the poverty thresholD.

The bequest effect of Social Security causes some people to save less during their lifetimes.

Current estimates indicate that the Social Security Trust Fund will be depleted before 2040.

Which of the following receives the largest share of expenditures made on health care in the United States?

The demand for health services is characterized by well-informed consumers.

Social insurance uses tax revenues to guarantee citizens financial benefits for events including

Alleviating Human Misery: The Role of Economic Reasoning

Economic Systems, Resource Allocation, and Social Well-Being: Lessons From Chinas Transition

Government Control of Prices in Mixed Systems: Who Are the Winners and Losers

Pollution Problems: Must We Foul Our Own Nests

Economics of Crime and Its Prevention: How Much Is Too Much

The Economics of Education: Crisis and Reform

Poverty Problems and Discrimination: Why Are so Many Still so Poor

The Economics of Monopoly Power: Can Markets Be Controlled

The Economics of Professional Sports: What Is the Real Score

Competition in the Global Market-Place: Should We Protect Ourselves From International Trade

Economic Growth: Why Is the Economic Road so Bumpy

Money,Banking and the Financial System: Old Problems With New Twists

Unemployment and Inflation: Can We Find a Balance

Government Spending,Taxation,and the National Debt: Who Wins and Who Loses

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