BUSI 629 Quiz 1,2,3

BUSI 629 Quiz: The U.S. Healthcare System— Inputs and Outputs

1. A study arguing that the United States should adopt a single-payer health system
2. Economics is like a map because
3. A deductible is the amount consumers must pay before insurance covers any costs.
4. According to 2017 OECD data, American life expectancy at birth
5. Which of the following statements is true about employer-paid health insurance?
6. Direct consumer spending on healthcare
7. Experience with capitation suggests that
8. An insurance plan that pays a bonus based on quality is called
9. In a POS plan,
10. Which of the following statements is true?

BUSI 629 QUIZ 2 Quiz: Understanding Costs

1. A consultant predicts that there is a 25% chance of earning $500,000 and a 75% chance of earning $100,000. The expected profit is $200,000. The standard deviation is
2. There is a 20% chance that you will earn $20,000; a 20% chance that you will earn $40,000; and a 60% chance you will earn $50,000. What are your expected earnings?
3. If a technician’s wage rose, the incremental cost of a lab test would
4. It costs $5,000 to produce ten visits and $6,000 to produce 20. At a volume of 20,
5. A surgeon has an allowed charge of $5,000. Your insurer pays $3,000. You pay the balance and have travel costs of $1,000. From your perspective, what is the cost of the surgery?
6. No ACOs have been able to generate shared savings.
7. Pay-for-performance has sharply improved the quality of care.
8. Multiple trials of accountable care organizations are under way.
9. Private insurers generally pay much less than Medicare.
10. Reference pricing

BUSI 629 QUIZ 3 SUPPLY AND DEMAND

1. Review the exhibit. The movement from point A to point B would be caused by
2. The main idea of demand is that
3. The percentage change in the quantity demanded associated with a 1 percent change in the price of a related product is the
4. The price elasticity of demand is –0.20. Demand is ____________.
5. The price elasticity of demand is –0.5. If we cut prices by 6 percent,
6. You estimate that the price elasticity of demand for clinic visits is –0.25. You anticipate that a major insurer will increase the copay from $10 to $20. This insurer covers 80,000 visits per year. What is your forecast of the change in the number of visits?
7. Which of the following is a factor that might influence a sales forecast?
8. Forecasts need not consider the plans of competitors.
9. You forecast that Medicare visits = 10 – 2.0 × Copay + 0.02 × Income. The copay is $20, and income is $50,000. What volume of visits do you forecast?
10. Sales have been 80, 82, 88, 84, 89, and 85 during the last six weeks. What is the naïve forecast for next period?