1. The health care system in Canada is referred to as ________, and is a system in which the government provides national health insurance to all
Canadian residents.
a. an
out-of-pocket system
b.
a single-payer health care system
c.
a universal health insurance system
d.
socialized medicine

2. The health care system in Japan is
referred to as ________, under which every resident of Japan is required to enroll in either a private or the
government-provided health insurance
program.
a.
an out-of-pocket system
b. a single-payer health care system
c.
a universal health insurance system
d.
socialized medicine

3. The health care system in the United
Kingdom is referred to as ________, under which the government owns most of the hospitals and employs most of
the doctors.
a.
an out-of-pocket system
b.
a single-payer health care system
c.
a universal health insurance system
d.
socialized medicine

4. When people who buy
insurance change their behavior after the purchase because they are protected from loss by the insurance, the
insurance market is said to face the problem of

a. moral hazard.
b. adverse selection.
c. asymmetric information.
d. economic irrationality.

5. The graph below shows the market for apartments in Springfield,
Wisconsin.