A Socialized Medical System Is One in Which

question 72

Multiple Choice

A socialized medical system is one in which

• A)the government owns and operates most medical facilities and employs most physicians.
• B)citizens pay high taxes in order to receive health care.
• C)the government chooses which medical procedures should be provided to patients.
• D)the government offers little option of the type of medical facilities available.

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Definitions:

Fixed Input

An input whose quantity does not change with the level of output in the short run.

Marginal Product

The additional output that is produced by using one more unit of a variable input, holding all other inputs constant.

Variable Input

An input in the production process that varies with the level of output, such as labor or raw materials.

Marginal Product

The increase in output resulting from a one-unit increase in the use of a particular input, while holding other inputs constant.