____ is like no other sector of the economy. - ANSWER healthcare
Even after a millennium of observation and study, our knowledge about the human body, disease, and medicine is very much ____. - ANSWER incomplete
In arrows explanation, the special economic problems of medical care can be exp...
____ is like no other sector of the economy. - ANSWER healthcare
Even after a millennium of observation and study, our knowledge about the human body, disease,
and medicine is very much ____. - ANSWER incomplete
In arrows explanation, the special economic problems of medical care can be explained by
adaptations to ____. - ANSWER uncertainty in the incidence of disease and in the efficacy of
treatment
The physician nearly always has more medical knowledge, patients generally know more about their
own history, so there is usually a significant ___. - ANSWER information asymmetry between patient
and provider
Economists refer to situations in which an individual's behavior changes when he or she is able to
shift the risks of decisions to others as ____. - ANSWER moral hazard
If an accident costs a person $2,000 but insurance pays $1,500 the insured person has less incentive
to avoid the accident than if the insurance paid only $500. This is an example of: - ANSWER moral
hazard
because the United States lacks a ____, how the money is paid to the providers of health care has
become very complicated a situation that health care reform policies have not reduced. - ANSWER
single national health care payment system
what is asymmetry information? - ANSWER occurs when one party to an economic transaction
possesses greater material knowledge than the other part
, The risks that are inherent in medicine and medical practice are really nonmarketable in that ___. -
ANSWER you can't put a price on it and you can't get paid back creating a lot of issues
___ is behaving differently when you know someone else is taking the risk (induced demand). ex.
people don't stop smoking even though they know it leads to cancer bc they know the health
insurance will pay for it. - ANSWER moral hazard
____ is the idea that sicker people likely want more insurance (the healthier, want less insurance). -
ANSWER adverse selection
___ is the idea that sharing risk proportionately among many is a basic insurance concept. - ANSWER
pooling of risk
In response to this, financing health care in the United States is a complex matter of ____. - ANSWER
workarounds, redundancies, and contradictions
Since 1964, the U.S. Department of Health and Human Services (DHHS) has published data annually
on total health expenditures for the United States, called the ____. - ANSWER National Health
Expenditure Accounts (NHEA)
The NHEA are the official estimates of health care spending in the United States. The goal for the
NHEA is to____. - ANSWER measure spending on health care consumption and health care
investment in the medical sector
NHEA statistics are usually published _____after the date you would have liked to have them. -
ANSWER three or four years
THE NHEA have the following benefits for understanding the healthcare sector spending: - ANSWER
comprehensive, multidimensional, and consistent
The NHEA are comprehensive because - ANSWER they contain all of the main components of the
healthcare system within a unified mutually exclusive and exhaustive strusture
The NHEA are multidimensional, encompassing not only expenditures for medical goods and
services, but also ____. - ANSWER the payers that finance these expenditures
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