Question 1

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

Accepted Answer

A)   remained unchanged from the earlier decades.
B)   decreased substantially.
C)   decreased marginally.
D)   increased substantially.

Question 2

-(Exhibit: Third-Party Payers)  Based on the exhibit, and assuming there are no third-party payers, the:

Accepted Answer

A)   equilibrium price for physician office visits is $80.
B)   equilibrium quantity is 3 million physician office visits per week.
C)   total amount spent on physician office visits per week at the equilibrium price is $40 million.
D)   equilibrium price for physician office visits is $40.

Question 3

Which of the following statements are true about price controls used by some local governments?

Accepted Answer

A)   Price controls are imposed to increase market efficiency.
B)   Price controls seem to be a very effective way to reduce inequities.
C)   Price controls are put into place when it is thought that the market price is in some way unfair or inequitable.
D)   All of the above statements are true.

Question 4

In agriculture around the year 2008 farm prices reached record _____ and Congress _____ subsidy payments to farmers.

Accepted Answer

A)   lows; decreased
B)   lows; increased
C)   highs; increased
D)   highs; decreased

Question 5

-(Exhibit: Third-Party Payers)  When the price of $20 per visit becomes available to the consumer because of insurance:

Accepted Answer

A)   health-care costs become $180 million, of which $60 million is paid by consumers and $120 million is paid by insurance.
B)   health-care costs become $180 million, of which $120 million is paid by consumers and $60 million is paid by insurance .
C)   the new quantity of physician office visits is 1 million visits per week.
D)   both A and C are true.

Question 6

The demand curve for stocks shows that:

Accepted Answer

A)   at lower prices, less stock will be purchased.
B)   at lower prices, more people calculate that the expected value of the firm's future earnings justify the stock's purchase.
C)   at lower prices, more stock will be offered on the market.
D)   A and B are true.

Question 7

One source of high health-care costs is the:

Accepted Answer

A)   relatively small fraction of health-care expenditures paid directly by patients.
B)   relatively small fraction of health-care expenditures paid by third-party payers.
C)   deficiency in the availability of diagnostic tests.
D)   excessive competition in the market for health care.

Question 8

Third-party payer systems are most likely to ________ the quantity of health care ________.

Accepted Answer

A)   increase; demanded
B)   decrease; demanded
C)   not change; supplied
D)   decrease; supplied

Question 9

The equilibrium price is often considered to be "just right" because:

Accepted Answer

A)   it equates the amount supplied with the amount demanded.
B)   it does not result in a shortage.
C)   it does not result in a surplus.
D)   of all of the above.

Question 10

A market price support policy for crops establishes a price floor, which:

Accepted Answer

A)   decreases the price paid by consumers.
B)   does not change the price paid by consumers.
C)   increases the price received by farmers.
D)   decreases the price received by farmers.

Question 11

2; Q1  B)  Rent1; Q1  C)  Rent2; Q2  D)  Rent3; Q3  " class="answers-bank-image d-inline" rel="preload" >
-(Exhibit: Rent Controls)  Without rent controls, the equilibrium rent is _______ and the equilibrium quantity is _______ .

Accepted Answer

A)   Rent2; Q1 
B)   Rent1; Q1 
C)   Rent2; Q2 
D)   Rent3; Q3

Question 12

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

Question 13

Describe in general the health-care industry. In your discussion, explain the peculiarities of health care, demand and supply factors, and the major problems of the industry.

Accepted Answer

The health-care industry is a complex an...

Question 14

In terms of equity, existing farm policies tend to help:

Accepted Answer

A)   all farmers equally.
B)   none of the farmers.
C)   poor farmers more than wealthy farmers.
D)   wealthy farmers more than poor farmers.

Question 15

According to the textbook, much of the discussion about the health-care "problem" in the United States has focused on:

Accepted Answer

A)   the inability of doctors to provide adequate health-care services.
B)   rising spending for health care.
C)   the shortage of adequate space in hospitals.
D)   the surplus of nurses.

Question 16

1AQ1 at price P1. B)  the equilibrium price and quantity are P3 and Q2. C)  at price P2 there would be a surplus. D)  A and B are true. " class="answers-bank-image d-inline" rel="preload" >
-(Exhibit: The Market for Health Care)  Based on the exhibit and assuming that there are no third-party payers:

Accepted Answer

A)   the total amount spent on health services is OP1AQ1 at price P1.
B)   the equilibrium price and quantity are P3 and Q2.
C)   at price P2 there would be a surplus.
D)   A and B are true.

Question 17

Despite the 'Great Recession' that began in 2007, oil prices rose in that same year. Why would we expect oil prices to fall and in this case why did they increase?

Accepted Answer

The answer of Despite the 'Great Recession' that began in...

Question 18

Rent controls set a price ceiling below the equilibrium price and therefore:

Accepted Answer

A)   quantity supplied exceeds the quantity demanded.
B)   quantity demanded exceeds the quantity supplied.
C)   a surplus of rental units will result.
D)   poor people will obviously and clearly be helped.

Question 19

A minimum price set above the equilibrium price is a:

Accepted Answer

A)   demand price.
B)   supply price.
C)   price floor.
D)   price ceiling.

Question 20

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

Accepted Answer

A)   doctors.
B)   patients.
C)   hospitals.
D)   government.

Exam 4: Labor and Financial Markets

-(Exhibit: Third-Party Payers) Based on the exhibit, and assuming there are no third-party payers, the:

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A minimum price set above the equilibrium price is a:

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A market price support policy for crops establishes a price floor, which:

Correct AnswerverifiedShow Answer

Describe in general the health-care industry. In your discussion, explain the peculiarities of health care, demand and supply factors, and the major problems of the industry.

Correct AnswerAnswered by ExamLex AIThe health-care industry is a complex an...View AnswerShow Answer

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

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

Correct AnswerverifiedShow Answer

One source of high health-care costs is the:

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In agriculture around the year 2008 farm prices reached record _____ and Congress _____ subsidy payments to farmers.

Correct AnswerverifiedShow Answer

-(Exhibit: The Market for Health Care) Based on the exhibit and assuming that there are no third-party payers:

Correct AnswerverifiedShow Answer

Which of the following statements are true about price controls used by some local governments?

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In terms of equity, existing farm policies tend to help:

Correct AnswerverifiedShow Answer

-(Exhibit: Rent Controls) Without rent controls, the equilibrium rent is _______ and the equilibrium quantity is _______ .

Correct AnswerverifiedShow Answer

Despite the 'Great Recession' that began in 2007, oil prices rose in that same year. Why would we expect oil prices to fall and in this case why did they increase?

Correct AnswerverifiedShow Answer

The equilibrium price is often considered to be "just right" because:

Correct AnswerverifiedShow Answer

According to the textbook, much of the discussion about the health-care "problem" in the United States has focused on:

Correct AnswerverifiedShow Answer

-(Exhibit: Third-Party Payers) When the price of $20 per visit becomes available to the consumer because of insurance:

Correct AnswerverifiedShow Answer

Third-party payer systems are most likely to ________ the quantity of health care ________.

Correct AnswerverifiedShow Answer

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

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Rent controls set a price ceiling below the equilibrium price and therefore:

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The demand curve for stocks shows that:

Correct AnswerverifiedShow Answer

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Correct Answer
Answered by ExamLex AI
The health-care industry is a complex an...
View Answer

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In agriculture around the year 2008 farm prices reached record _ and Congress _ subsidy payments to farmers.

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Correct Answer
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Correct Answer
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Correct Answer
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-(Exhibit: Rent Controls) Without rent controls, the equilibrium rent is _ and the equilibrium quantity is _ .

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Correct Answer
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Correct Answer
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Correct Answer
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Third-party payer systems are most likely to the quantity of health care .

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Correct Answer
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