Question 13(5 points)

The _______ describes how technological change remains as the unexplained variance after all known factors have been accounted for when studying healthcare costs.

Question 13 options:

Pareto optimality

principle of substitution

Solow residual

human capital approach

Question 14(5 points)

Which organization has established state licensing boards to set minimum standards for doctors to practice medicine?

Question 14 options:

American Medical Association

National Institutes of Health

National Science Foundation

American College of Physicians

Question 15(5 points)

Technological advances take place through the process of

Question 15 options:

accreditation

consupmption

innovation

portability

Question 16(5 points)

The supply of physicians depends on a combination of

Question 16 options:

aggregate demand and aggregate supply.

individual career decisions and public policy.

direct and indirect teaching costs.

economies of scale and the cost of insurance.

Question 17(5 points)

A concern of health economists and policy analysts is that _______ may impede the rate of technological change and its diffusion.

Question 17 options:

cost containment

deductibles

gatekeepers

inelastic demand

Question 18(5 points)

If a single hospital is the only employer hiring nurses, it has potential _______ power.

Question 18 options:

monopoly

morbidity

oligopoly

monopsony

Question 19(5 points)

A young physician is most likely to specialize in which of the following fields?

Question 19 options:

Orthopedics

Pediatrics

Cardiology

Geriatrics

Question 20(5 points)

A medical degree can be thought of as a stock of _______ that yields a stream of returns over time.

Question 20 options:

aggregate demand

human capital

experience rating

charity care