What are the two major parts of the Medicare program?
What will be an ideal response?
Medicare is a Federal program available to Social Security beneficiaries and persons with disabilities. One part of the program is hospital insurance coverage. Recipients pay a deductible, after which most of their reasonable hospital costs are covered. The second part of Medicare is medical insurance for physicians’ services, testing, and outpatient hospital services. This coverage requires a monthly premium that covers about a fourth of the benefits provided.
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If the marginal tax rate is less than the average tax rate, the tax system is
A) progressive. B) proportional. C) regressive. D) liberal.
A problem that the Fed faces when it attempts to control the money supply is that
a. since the U.S. has a fractional-reserve banking system, the amount of money in the economy depends in part on the behavior of depositors and bankers. b. the Fed has to get the approval of the U.S. Treasury Department whenever it uses any of its monetary policy tools. c. while the Fed has the ability to change the money supply by a large amount, it does not have the ability to change it by a small amount. d. federal legislation in the 1950s stripped the Fed of its power to act as a lender of last resort to banks.
The own-price elasticity of demand for oranges at the farm level is -0.3. Suppose that an unexpected freeze occurs resulting in a 6% drop in orange production. Orange prices will
A) Rise by 6%. B) Rise by 20%. C) Fall by 20%. D) Can't tell; insufficient information
Refer to Figure 2-8. What is the opportunity cost of one dozen orchids?
A) 0.4 dozen roses B) 2.5 dozen roses C) 7.25 dozen roses D) 16 dozen roses