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Micro Chapter 24

QuestionAnswer
What is the term for a specific dollar amount an insured person must pay for a single medical service, such as a doctor's visit? This is called a copayment.
The percentage of medical expenses that an insured individual must pay out of pocket after the deductible has been met is known as _____. coinsurance
Health care costs have increased rapidly due to both higher prices and an increased _____ of services. quantity
According to the 'Health care expenditures' pie chart, what is the single largest category of health care spending? Hospitals account for the largest share of health care expenditures at 31%.
What category of health care expenditure is the second largest after hospitals, at 20%? Physicians are the second largest expenditure category.
Based on the 'Sources of funds' pie chart, what is the largest single source of funding for U.S. health care? Private health insurance is the largest source of funds, at 29%.
According to the 'Sources of funds' pie chart, what percentage of health care funding comes from Medicare? Medicare provides 20% of health care funding.
What percentage of health care funds comes directly from consumers through copayments, deductibles, etc.? Copayments, deductibles, etc., account for 9% of health care funding.
How does U.S. health care spending as a percentage of GDP compare to other countries (as of 2020)? It is higher than any other country by a wide margin
What is one major negative economic implication of rising health care costs on the labor market? Rising health care costs can lead to slower wage growth for workers. Firms must choose between higher wages for its workers or better health insurance for them
Created by: Phillies55
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