Describe the operation of the Medicare program. Discuss who is covered under the program, how it is financed and the distinction between Part A and Part B of the program
What will be an ideal response?
Medicare was established in 1965 and provides health care benefits to over 40 million elderly Americans. The financing of the Medicare program depends upon the distinction between Part A and Part B of the program. Part A covers hospital care for the elderly and is financed through a payroll tax. Everyone who is eligible for Medicare receives Part A coverage. Part B covers physician care services and is financed through monthly premiums and federal government general fund revenues. Part B is voluntary and only those interested in coverage need make the monthly premiums to receive coverage. Because of the high subsidy out of general revenues, however, it is a good deal and thus most eligible individuals opt-in.
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If a partnership raised funds by recruiting additional owners to invest in the firm, what would happen to the firm's financial capital?
What will be an ideal response?
If nominal GDP rises: a. we can be sure the price level has risen. b. real GDP may rise or fall
c. real GDP must rise. d. real GDP must fall.
Which statement is false?
A. The National Football League is a monopsony. B. The National Education Association is the largest union in the U.S. C. Unions have two basic ways of exerting power: inclusion and exclusion. D. The most important collective bargaining weapon of employers is the threat of a lockout.
Which of the following is an example of a nation with a traditional economy?
a. the national government has mandated that 100,000,000 tons of butter be produced each year b. techniques used for growing wheat have been unchanged for centuries c. due to high fuel prices, many fuel-efficient cars are being produced d. economic authorities have ordered industry to produce tanks and heavy weaponry instead of food