MICROECONOMICS-ACCESS CARD <CUSTOM>
11th Edition
ISBN: 9781266285097
Author: Colander
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 23, Problem 5IP
To determine
Determine whether the regulations be implemented to avoid the premature death.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Which of the following techniques is used by economists to value years of life saved by a highway
safety program?
Either measuring the increased income that it allows or trying to get those affected by the improved safety to
reveal their willingness to pay for the reduced risk of death
Trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of
death
none of the other answers is correct, because economists believe that it is impossible to put a value on life
Measuring the increased income that it allows
Suppose that Edison, an economist from a college in Pennsylvania, and Hilary, another economist from a nonprofit institution in the Midwest, are both
guests on a popular science podcast. The host of the podcast is facilitating their debate over health insurance. The following dialogue represents a
portion of the transcript of their discussion:
Hilary: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health
benefits.
Edison: I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for
those who are obese.
Hilary: I disagree. I think government funding of health insurance is useful to ensure basic fairness.
The disagreement between these economists is most likely due to
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Minimum wage laws do more to harm low-skilled workers than help them.
Tariffs…
Journalist: To reconcile the need for profits sufficient to support new drug with
the moral imperative to provide medicines to those who most need them but
can not afford them, some pharmaceutical companies feel justified in selling a
drug in rich nations at one price and in poor nations at a much lower price. But
this practice is unjustified. A nation with a low average income may still have a
substantial middle class better able to pay for new drugs than are many of the
poorer citizens of an overall wealthier nation.
Which one of the following principles, if valid, help to support the journalist's
reasoning?
a. People who are ill deserve more consideration than do healthy people,
regardless of their relative socioeconomic positions.
b. Whether one deserves special consideration depends on one's needs
rather than on the characteristics of the society to which one belongs.
c. Wealthier institutions have an obligation to expend at least some of their
resources to assist those incapable…
Chapter 23 Solutions
MICROECONOMICS-ACCESS CARD <CUSTOM>
Ch. 23.1 - Prob. 1QCh. 23.1 - Prob. 2QCh. 23.1 - Prob. 3QCh. 23.1 - Prob. 4QCh. 23.1 - Prob. 5QCh. 23.1 - Prob. 6QCh. 23.1 - Prob. 7QCh. 23.1 - Prob. 8QCh. 23.1 - Prob. 9QCh. 23.1 - Prob. 10Q
Ch. 23 - Prob. 1QECh. 23 - Prob. 2QECh. 23 - Prob. 3QECh. 23 - Prob. 4QECh. 23 - Prob. 5QECh. 23 - Prob. 6QECh. 23 - Prob. 7QECh. 23 - Prob. 8QECh. 23 - Prob. 9QECh. 23 - Prob. 10QECh. 23 - Prob. 11QECh. 23 - Prob. 12QECh. 23 - Prob. 13QECh. 23 - Prob. 14QECh. 23 - Prob. 15QECh. 23 - Prob. 1QAPCh. 23 - Prob. 2QAPCh. 23 - Prob. 3QAPCh. 23 - Prob. 4QAPCh. 23 - Prob. 5QAPCh. 23 - Prob. 1IPCh. 23 - Prob. 2IPCh. 23 - Prob. 3IPCh. 23 - Prob. 4IPCh. 23 - Prob. 5IPCh. 23 - Prob. 6IPCh. 23 - Prob. 7IPCh. 23 - Prob. 8IPCh. 23 - Prob. 9IPCh. 23 - Prob. 10IPCh. 23 - Prob. 11IP
Knowledge Booster
Similar questions
- Why will the market fail to yield efficient outcome during the pandemic?arrow_forwardWhich of the following is a provision of the Patient Protection and Affordable Care Act? Group of answer choices Insurance companies may not legally deny coverage to anyone on the basis of a preexisting medical condition. Every firm must purchase health insurance for their employees or face a $2,000 fine per employee. Every individual must purchase their own health insurance for themselves and their dependents or pay a fine. Adult children of parents with employer-provided health insurance can remain covered by their parents' insurance through age 35.arrow_forwardWhat have been some Economic consequences of a Pandemic?arrow_forward
- The presence of what two forces in a health insurance market may cause the market to completely unravel?arrow_forwardSuppose that we have a model that estimates that taking the COVID-19 vaccine creates a positive externality to society that is at least equal to $1500 per vaccine. (Amazing, right? Well, remember that I made it up.) This means that for every person that takes the vaccine, the benefits to society will be $1500 or more. a. First, what factors do you think go into estimating the benefits of $1500 per vaccine. This is kind of a brainstorming question – but it is worth points so don’t skip it. b. What is the relationship between the equilibrium quantity of vaccines and the socially optimal quantity of vaccines?arrow_forwardDiscuss whether public health and the economy are complementary or competing goals in the pandemic.arrow_forward
- During the time of a pandemic and the existence of a highly contagious corona-virus, many scientists recommended wearing a mask. Let's assume that wearing a mask can limit the spread of the virus. Is wearing a mask an externality? Positive or negative? How about not wearing a mask? Explain your answers.arrow_forwardDo you believe expenditures for child care and fitness facilities are warranted from a cost-benefit perspective? Why or why not?arrow_forwardHow can you relate the changes in vaccines to overall growth in the economy and the production possibilities curve?arrow_forward
- how does coronovirus pandemic affects the economy of the philippines? were the government had sufficient response to the pandemic? why or why not?arrow_forwardWhat is Moral Hazard, and how does moral hazard affect the likelihood a population demands medical care and the total demand for medical care?arrow_forwardSuppose that a course of chemotherapy costs $100,000. If given to patient A, it will increase life expectancy by one month; for patient B, by six months; for patient C, by two month; for patient D, by five months; and for patient E, 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 $100,000; $100,000 $100,000; $1,200,000 $200,000; $100,000 $200,000; $1,200,000arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningExploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc