Suppose you go to a doctor but your health insurance plan does not reimburse you because you have not yet paid enough out of pocket for the year to qualify for insurance benefits. This is an example of:
A. coinsurance.
B. a deductible.
C. monopsony power.
D. a deferred benefit plan.
Answer: B
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Since price tends to equal total utility, the price of water is low and the price of diamonds is high.
Answer the following statement true (T) or false (F)
Is a monopolistically competitive firm allocatively efficient?
A) No, because it does not produce at minimum average total cost. B) Yes, because price equals average total cost. C) No, because price is greater than marginal cost. D) Yes, because it produces where marginal cost equals marginal revenue.
In 1996, if nominal GDP was about $8.5 thousand billion. The stock of money was
a. about the same as this. b. much less than this. c. much more than this. d. unrelated to this number.
One problem with revenue-based incentive schemes is they do NOT provide an incentive to:
A. maximize productivity. B. minimize costs. C. maximize sales. D. maximize profit.