TRUE/FALSE/UNCERTAIN:

1. Compared to social insurance, private insurance can provide perfect insurance because customers pay the full cost of expected insurance claims through the premiums.
2. Mandatory government-provided health insurance is a Pareto improvement over the private market outcome.
3. If the moral hazard effects are large, then private insurance is preferable to social insurance.
4. All else equal, the higher the risk premium, the lower the certainty equivalent.
5. Mandatory government-provided health insurance constitutes a Potential Pareto Improvement over the private market outcome.