Answer the following statements

TRUE OR FALS

1) Changes in the average age of the U.S. population over the past decade have decreased the
demand for health care.
2) Because of health insurance, resources are underallocated to the health care industry.
3) Technological progress in the health care industry has typically reduced costs and increased
supply.
4)  The demand for health care is highly elastic with respect to both price and income.

 

ANSWER:

ALL ARE FALSE

1 FALSE

2 FALSE

3 FALSE

4 FALSE