Fall 2017 - Econ 150 Homework 5 Name: 1. The US Spends percent of GDP on healthc

Question

Fall 2017 - Econ 150 Homework 5 Name: 1. The US Spends percent of GDP on healthcare a. 16 b. 6 c. 36 d. 66 2. Medicare is healthcare paid by the government for Americans a. In Poverty b. Under 18 c. Over 65 d. Over 18 3. What is a disadvantage of the British system of healthcare compared with the US a. b. Often longer wait times More expensive than in US Not everyone is covered Hospitals earn excessive profits c. d. 4. Medicare covers hospital visits but not drug medication a. True b. False 5. The demand curve for healthcare is probably a. elastic b. very elastic c. very inelastic d. unit elastic Define Adverse Selection as it pertains to Health Insurance. (3 points) 6 7. 8 Define Moral Hazard as it pertains to Health Insurance. (3 points) 10 How does Obama Care deal with Adverse selection? (2 points) 12 13 How does any Health Insurance deal with Moral Hazard? (2 points) 14 15

Explanation / Answer

1. Option a. 16%

Explanation: The national health expenditure in the USA is more than USD 3 trillion dollar, which is around 16% of its GDP.

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