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Questions
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We wаnt tо mаintаin a learning envirоnment that is bоth supportive and fair to all students. Therefore, beforebeginning the exam, please read the following instructions, and write out and sign the academic integrity pledge. You may use the following Allowed Materials:• Your own TWO-page note sheet• A calculator. Turn off cell phones and place them out of sight. After you have finished writing on the exam, you may useyour phone, tablet, email, and/or computer browser in order to upload and submit the exam. You may NOT communicate with anyone else about the exam, either while you are taking the exam,or before or after you have finished. We have students taking the exam at staggered times, and we mayhave delays for some students due to, e.g., health emergencies. Please preserve the integrity of the exam bykeeping any thoughts about it to yourself until after the end of the final exam period (i.e. December13, 2024.• To be fair to all students, I will generally not answer questions about the exam during the exam.However, if you notice a typo, definitely send me an email about it – morrison.1043@osu.edu. You may NOT use resources outside of the Allowed Materials described above. Do not seek out onlineresources, videos, message boards, etc. in search of answers, and do not post any of the exam questionsanywhere. This exam has FIVE questions. For full credit, make sure to justify all of your answers and show all of your steps. Statistical Tables are located at the end of the exam. The file submission box is located after the statistical tables. Please scroll all the way to the bottom of this webpage and upload your solutions there.
а) Kenneth Arrоw stаted thаt the medical care market is unique because оf the fоllowing factors: unpredictability, asymmetric information, trust, barriers to entry, and payment practices. Explain what each of these factors means in the context of healthcare and how they contribute to making the healthcare market unique compared to typical markets.b) What would it mean to let the free market fully dictate outcomes in the medical care sector? Discuss the theoretical appeal of relying on market forces and the potential negative consequences that might result, especially for access, equity, and efficiency in healthcare delivery.c) Why did Kenneth Arrow argue that government intervention is necessary in the healthcare market? Discuss the economic rationale behind this position, and explain whether government involvement improves or complicates outcomes. Are there any unintended consequences or challenges that can arise from government efforts to regulate or manage healthcare?