If a person must pay 20% of a covered health-care expense, this is called their
A. deductible.
B. maximum out-of-pocket.
C. co-payment.
D. lifetime maximum.
Answer: C
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Fogel's work (1964) on the economic impact of railroads is mostly written in response to
(a) Rostow's takeoff theory. (b) Schumpeter's theory of railroads building ahead of demand. (c) David's theory of path dependency. (d) Engerman's theory of multiroute analysis.
Suppose an employer has monitoring devices established so that the probability of an employee being caught while shirking is 0.2. If the gain to the employee from shirking is $1,000, how large a bond will deter shirking?
What will be an ideal response?
At an equilibrium price, quantity demanded
a. exceeds quantity supplied. b. equals quantity supplied. c. is less than quantity supplied. d. Any of the above is possible.
If a 2 percent increase in the price of product X causes the demand for product Y to increase by 6 percent, then:
A. X and Y are complements. B. X and Y are substitutes. C. X and Y are independent goods. D. the demand for X is elastic.