Examine the goal of Electronic Medical Records. What was the actual outcome?
What will be an ideal response?
The goal of the Electronic Medical Records was to cut costs for patients and time needed to complete paperwork. It was also expected that these devises would improve patient care, by ensuring doctors were not over prescribing medicine and allowing a patient with multiple doctors to see each other’s reports.
Not all of these outcomes were met. The cost to patients has increased since these devices have been adopted. Doctors are now able to better track the services they provide to individual patients and can now more accurately charge for their services, this has resulted in costs increasing. Also, the amount of time spent on paper work has not decreased as expected. Using the new systems doctors are required to answer a significant number of questions after each patient visit, many of which do not apply to every appointment. Overall, the projected efficiency gains from using these devices have not been met.
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How does private information create adverse selection and moral hazard?
What will be an ideal response?
A minimum wage that is set above a market's equilibrium wage will result in
a. an excess demand for labor, that is, unemployment. b. an excess demand for labor, that is, a shortage of workers. c. an excess supply of labor, that is, unemployment. d. an excess supply of labor, that is, a shortage of workers.