Walsh College ECN 522 Final Exam 2015

Question 1 2.5 points out of 2.5

The dominant factor affecting medical care delivery and finance in the 1960s was

Question 2 2.5 points out of 2.5

Premiums based on experience ratings

Question 3 2.5 points out of 2.5

Approximately what percentage of total health care spending goes toward hospital care?

Question 4 0.0 points out of 2.5

Many say that one of the main reasons the British National Health System works in terms of good

health outcomes for its population is because

Question 5 2.5 points out of 2.5

One of the most serious weaknesses in the Medicare system is that

Question 6 0.0 points out of 2.5

The diagram below depicts a perfectly competitive market. P1 represents the equilibrium price

and P2 a price ceiling set by law. Which of the following statements is true?

Question 7 2.5 points out of 2.5

Falling hospital admissions and shorter length of hospital stays beginning in the mid 1980s may

be attributable to

Question 8 0.0 points out of 2.5

A fee schedule based on diagnosis-related groups potentially sets up an incentive to

Question 9 2.5 points out of 2.5

The most significant expansion of Medicaid since its inception in 1997 was enacted to cover

eligible children and it is referred to as

Question 10 2.5 points out of 2.5

Physicians who accept assignment on their Medicare patients

Question 11 2.5 points out of 2.5

Medicare and Medicaid were enacted by the Johnson administration in 1965 as amendments to

which federal law already in existence?

Question 12 2.5 points out of 2.5

The most important source of funding for Medicare is

Question 13 2.5 points out of 2.5

The amount that a hospital will be paid for treating a Medicare patient is determined

Question 14 2.5 points out of 2.5

Possibly, the most serious flaw in the Medicare system is the fact that

Question 15 2.5 points out of 2.5

Empirical studies show that most of the cost-savings provided by managed care are

accomplished via

Question 16 2.5 points out of 2.5

The health maintenance organization where the physicians are salaried employees of the HMO is


Question 17 2.5 points out of 2.5

The most important aspect of the 1983 changes to Medicare that introduced diagnosis-related

groups (DRGs) was

Question 18 0.0 points out of 2.5

Empirical research indicates that the expansion of Medicaid has led to a number of unintended

consequences including

Question 19 Points out of 9.0

The RAND Health Insurance Study was set up to examine the effect of economic incentives on

medical care demand. Utilization was tracked for people who had various forms of insurance (e.g.

fee-for-service, low copays, coinsurance rates). What were the major findings of this study?

Question 20 Points out of 9.0

Discuss the opportunity cost of health care in terms of education. Why do you suppose taxpayers

are willing to invest in an inefficient health care system, but unwilling to invest in an under-funded

education system? Think in terms of time preferences.

Question 21 Points out of 9.0

Why is there a shortage of OB/GYN physicians in the U.S.?

Question 22 Points out of 9.0

Define monopsony? What is likely to happen to equilibrium price if there is a government

monopsony in the medical marketplace?

Question 23 Points out of 19.0

What would you say are the most important components of the Health Care Reform Bill (Patient

Protection and Affordable Care Act)? You can choose any three aspects of the bill, but state why

you think they are particularly important and integrate concepts we have learned in class.

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