The RAND Health Insurance Study
a. examined cross-section data to estimate the demand function for medical care.
b. was the most extensive controlled experiment in health insurance ever conducted in the United States.
c. like most economic studies, was based on individual decisions in voluntarily choosing health insurance coverage.
d. was flawed due to severe self-selection bias.
e. was set up to study medical outcomes when individuals were free to choose the type of health coverage they desired.
B
You might also like to view...
Laws and courts tend to make markets work ________ and make society ________
A) less effectively; poorer B) less effectively; richer C) more effectively; poorer D) more effectively; richer
The opportunity cost of a particular activity
a. must be the same for everyone b. is the value of all alternative activities that are forgone c. has a maximum value equal to the minimum wage d. varies from person to person e. can usually be known with certainty