Article Summary An Organisation for Economic Co-Operation and Development (OECD)report States That
Article Summary
An Organisation for Economic Co-operation and Development (OECD) report states that administration costs for health care in the United States are the highest in the developed world,accounting for over 8 percent of spending in the health care sector,compared to a global average of about 3 percent.According to the report,expensive surgeries,high pharmaceutical costs,and corrupt practices increased global health care costs,and poor coordination between health care providers,duplication of tasks,and excessive time spent on paperwork all contributed to higher administrative costs.The report also noted that administrative costs are generally lower under government-managed health care systems than with private insurance,but governments could still significantly cut spending and improve patients' health.
Source: Alanna Petroff,"U.S.health care admin costs are double the average," money.cnn.com,January 11 2017.
-Refer to the Article Summary.The article discusses the high administrative costs of health care in the United States.Even if private insurance companies were more efficient and brought administrative costs down,consumers would ________ the full cost of medical treatment.This would result in the market equilibrium price and quantity of medical services being ________ than the efficient equilibrium price and quantity.
A) pay less than; less than
B) pay more than; less than
C) pay more than; more than
D) pay less than; more than
Correct Answer:
Verified
Q137: Doctors have _ incentive to control their
Q138: As a percentage of all spending on
Q139: Figure 5-3 Q140: The provision of the Patient Protection and Q141: The individual mandate provision of the ACA Q143: A goal of _ is to give Q144: Health care spending per person is lower Q145: An increase in the number of medical Q146: Economists John Cogan,Glenn Hubbard,and Daniel Kessler have Q147: Most employees _ on the value of![]()
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