Which of the following is not part of the "regulation of health insurance" provision of the Patient Protection and Affordable Care Act (ACA)?
A) Individuals with pre-existing medical conditions are able to acquire health insurance.
B) All policies must provide coverage for dependant children up to age 26.
C) Lifetime dollar maximums on coverage are prohibited.
D) Limits on the size of deductibles and on waiting periods before coverage takes effect have been eliminated.
Answer: D
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Keynes once remarked that, in the long run, we're all dead. He was responding to the conventional wisdom of classical economics who argued that:
a. the supply curve should remain vertical in the long run. b. World War I was fought to free Britain from economic ruin. c. depression was only a short-run, temporary departure from full-employment equilibrium. d. funeral plots need to be determined by the market. e. market-based realities cause the estate tax to be too high.
If you have a choice of consuming either two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples. b. three oranges. c. two apples and three oranges. d. two apples or three oranges, whichever you value more. e. the difference in the prices of the three options.
What are the three ways economies are organized?
a. communism, socialism, free b. market, capitalism, mixed c. traditional, command, market d. traditional, market, mixed
Which of the following is true concerning cost curves?
a. TC + TFC = TVC b. AFC + AVC = ATC c. MC + AVC = TVC d. TC – MC = TFC e. ATC + MC = TC