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- The goal of health insurance is to O spread financial risk over a large group of people O equally distribute the probabifity of loss over a large number of people collect sufficient premiums to cover all possible losses O equalize the availability of medical care across population groups O redistribute income from the sick to the healthyWhat is the SIGNIFICANCE OF STUDY of "The Impact of the Pandemic on Cost of Living between Different Income Level"?Preventive care is not always cost-effective. Suppose that it costs $100 per person to administer a screening exam for a particular disease. Also suppose that if the screening exam finds the disease, the early detection given by the exam will avert $1,000 of costly future treatment. a. Imagine giving the screening test to 100 people. How much will it cost to give those 100 tests? Imagine a case in which 15 percent of those receiving the screening exam test positive. How much in future costly treatments will be averted? How much is saved by setting up a screening system? b. Imagine that everything is the same as in part a except that now only 5 percent of those receiving the screening exam test positive. In this case, how much in future costly treatments will be averted? How much is lost by setting up a screening system?
- Hedonic wage studies indicate a willingness to pay $40 per person for a reduction in the risk of a premature death from an environmental hazard of 1/100,000. If the exposed population is five million people, what is the implied value of a statistical life? To answer this question, first you find that the number of saved lives is . Also, find that the total willingness to pay is $ use thousands separators. . Thus, the implied value of a statistical life is $ Hint: Don'tSuppose that there are 2 types of plans available to you. Plan A has a deductible of $500, with 10 percent co-insurance rate for many health care services. Plan B has a deductible fo $1000, with 35 percent co-insurance rate. Plan A costs $200 per month in premiums while Plan B costs $80. Discuss characteristics of people who would choose Plan A versus Plan B. Assuming that both plan types exist in the market, who would likely choose Plan B over Plan A? What plan would you choose?Katya needs 6 hours to knit a scarf and 7 hours to knit a hat. Andreas needs 3 hours to knit a scarf and 8 hours to knit a hat. It has been proposed that Katya send 800 hats to Andreas. How many scarves must Katya receive in return so that Katya in not worse off if she accepts the proposal?
- A producer collects he initial premium for a healih policy and gives he applicant a conditional receipt. In lhis situation lhe policy becomes effective at which of the following limes? A.When he premium is received in lhe insurance company's home office B.When the policy is delivered C.When the conditions of the receipt are met D.When the premium check clears the bankAdverse selection arises in the market for health insurance because Moral hazard arises in the market for health insurance because OA. for many people, the price of health insurance is beyond their ability to pay for it; the marginal social benefit of healthcare exceeds the marginal benefit perceived by its consumers OB. people optimistically underestimate the health risks that they face; people take too short a view of the benefits of healthcare OC. O D. some of the healthiest people choose to not buy insurance; once insured, a person has less incentive to adopt a healthy lifestyle once insured, a person has less incentive to adopt a healthy lifestyle; some of the healthiest people choose to not buy insurance;Using data from the last 10 semesters in ETC2410, we have observed that students who attended tutorials obtained a higher mark on the final exam, on average, relative to those who did not attend tutorials. From this observation alone we can say that Select one: tutorial attendance is a good predictor of performance on the final exam O a. O b. tutorials are an essential component of learning in ETC2410 O c. if we had forced students who attended all tutorials not to attend any tutorials, they would have obtained a lower mark on their final exams, on average O d. tutorials cause better performance on the final exam O e. if we had forced students who did not attend tutorials to attend all tutorials, they would have obtained a higher mark on their final exams, on average
- “Would you rather have a 1% chance of mortality or an 99% chance of survival?” Is an example of ___#4. Without a vaccine, there is a 10% chance that Steven will get the coronavirus in 2021. If he gets vaccinated, that risk falls to 1%. Without a vaccines, Steven gets -6000 utils if he gets covid and 0 utils if he stays healthy. Because of side effects, he gets -100 utils from the vaccine if he stays healthy and -6100 if he gets sick anyways. What will Steven do? a. He will get vaccinated b. He will not get vaccinated c. He will get vaccinated if he is risk-averse but not if he is risk-loving d. He will get vaccinated if he is risk-loving but not if he is risk-averseWhat are the 3 main factors, that fueled the rise of AI?