How should policymakers determine the amount of money that should be allocated for research curing heart disease? They should base their decision onO A. whether the last dollar devoted to research on heart disease results in more benefit than the last dollar spent on research for curing other diseases.O B. the number of people who die from heart disease compared to the number of people who die from other diseases.OC. the value of the total benefit of the research on heart disease.O D. the value of the total benefit of research on curing other diseases.O E. the number of people who have heart disease compared to the number of people who have other diseases.

Option A is correctWhether the last dollar devoted to research on heart disease results in more…

Answered: How should policymakers determine the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you are a politician being criticized in a debate for your commitment to reducing the growth of medical spending. Which of the following is the most appropriate response? O a. There is empirical evidence that medical spending should be capped at 15 percent of GDP. O b. Reducing wasteful health care spending could provide additional funding to the education sector. O c. High health care spending is harmful to bur economic well-being. O d. Fixing treatment prices will lead to greater innovation. Oe. Other developed nations spend far less of their GDP on health care.
[Adverse Selection] Each of the two players receives an envelope, in which there is anamount of money that is equally distributed from $0, $1, $2, ..., $100. The amounts in twoenvelopes are independent. After receiving the envelope, each individual can check exactlyhow much money is put in his/her own envelope. Then each player has the option to exchangehis/her envelope for the other individual's prize. The decisions are made simultaneously. Ifboth individuals agree to exchange, then the envelopes are exchanged; otherwise, if at leastone player chooses not to exchange, each individual keeps his/her own envelope and receivesits attached sum of money.a. Model this game as a static Bayesian game (write the normal formrepresentation) and find the Bayesian Nash equilibrium.b. Consider a new game where the probability distribution of money in eachenvelope is changed. The amount is equal to $100 with probability 90%, and is equalto each number in $0, $1, $2, ... ,$99 with probability 0.1%.…
Susan was frustrated. As chair of the school of nursing at the local university, she wantedher students to get used to using electronic health records. Ideally, these students wouldleave her program and be able to use their employer’s EHR system without any additionalorientation. Other campus health profession leaders had similar concerns. However, thefaculty found that within a 100-mile radius of the university, the area’s many hospitals andthree main healthcare systems all used different EHR vendors.The local healthcare systems promoted electronic health information. They were allconcerned about the safety and security of the records and the needs of their patients. Theywere also aware of the national push for system to integrate EHRs. In reality, however, therecords housed in the variety of systems could not be shared. The software was toodisconnected and dissimilar.Susan wondered what her next step should be. Which system should she adopt, ifany? How could she help move these…
Use the figure below to answer the following question. Price Q₂ Quantity If the output level is Q₁, then the sum of the consumer and producer surplus is 0 Multiple Choice
John is a 55-year-old male smoker, about 50 pounds overweight, who has high blood sugar and drinks to excess. Because of adverse selection in health insurance, Select one: O a. when John gets health insurance, he will be less likely to take care of himself. O b. if John doesn't have health insurance already, he will not be able to get it. O c. when John gets health insurance, he will be more likely to take care of himself. O d. John is more likely to buy health insurance than the average person since premiums are based on the average risk. O e. John is less likely to buy health insurance than the average personsince premiums are based on the average risk.
4
Madeleine is a high school graduate deciding whether to go to university. She (like everyone else) lives for two periods after high school. In the first period, she can work (without university) for a salary of YH, or she can attend university. If she attends university, she must pay $5000 in fees (tuition, books), but she will also earn $5000 from a sum- mer job. In the second period, she will continue to earn YH if she did not attend university, or she will earn YU if she went to university. The interest rate at which money can be borrowed or invested is r. Show that she will attend university if YU . (2 1 r)YH. Explain how an increase in the interest rate would affect her decision to attend university.
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Suppose that one course of treatment costs $500,000. If given to patient A, it will increase life expectancy by one month; for patient B, by two months; for patient C, by three months; and for patient D, by four months. The marginal cost per additional year of life for the patient most likely to benefit is and the marginal cost per additional year of life for the patient least likely to benefit is O $500,000; $2 million $1.5 million; $6 million $200,000; $500,000 O $2 million; $500,000 $6 million; $1.5 million
Workers are compensated by firms with benefits in addition to wages and salaries. The most prominent offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour. Also suppose that by 2010 workers at that plant were paid $31.50 per hour but received $13.5 in heakth insurance benefits. a. By what precentage did total compensation (wages plus benefits ) change at this plant from 2000 to 2010? Total compensation increased or decreased by________ percent? What was the approximate average annual percentage change in total compensation? b. By what percetage did wages change at this plant from 2000 to 2010? Wages increased or decreased by ______percent? What was the approximate average annual percentage in wages? c. If workers value a dollar of heath benefits as much as they value a dollar of wages, by what total percentage will they feel their incomes have risen over…
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Suppose that someone wants to present data on health expenditures by different levels of educational attainment and produces the following table: Table 1 Less than high school High school degree Some college Associate's degree Bachelor's degree Graduate degree All consumers Drugs 447 454 473 582 551 675 515 Health care 2217 O O Appropriate use of decimal places O Appropriate title O Appropriate use of color Appropriate use of lines 3119 3289 3630 4340 5067 3556 Health insurance 1318 1901 1823 2086 2503 2880 2061 Consider the table carefully. The items below represent a set of considerations for making good visualizations. Which one of these is clearly wrong? Appropriate font sizes Appropriate labels Appropriate use of font styles Appropriate use of bold/italics

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