Basic differences between Medicare and Medicaid include the following, except:
A. Medicare is financed by a payroll tax, while Medicaid is financed by general tax revenues
B. Medicare is a Federal program while Medicaid is a state-government program
C. Medicare is mostly based on age, while Medicaid is mostly based on income
D. Medicare is a social insurance program, while Medicaid is a public assistance program
B. Medicare is a Federal program while Medicaid is a state-government program
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Under oligopoly, if one firm in an industry significantly increases advertising expenditures to capture a greater market share, it is most likely that other firms in that industry will
A. pursue a strategy to reduce advertising expenditures to maintain profits. B. decide to increase advertising expenditures even if it means a reduction in profits. C. increase the price of the product to improve profits and then increase advertising expenditures. D. make no changes in advertising expenditures because advertising is effective in the short run, but not the long run.
As output increases, AVC approaches ATC because of
A) diseconomies of scale. B) diminishing marginal returns. C) decreasing average fixed cost. D) increasing marginal cost.
The Karaoke Channel Online streams professional-grade karaoke for $9.95 a month. Suppose Karaoke Channel Online has a constant marginal cost of $1 per customer and total fixed cost is $20,000. The profit maximizing number of customers is 10,000
Several competitors start to advertise online. Karaoke Channel Online now spends $5,000 a month on advertising and the profit maximizing number of customers increases to 12,000. What is Karaoke Channel Online's average total cost before the advertising begins? A) $3 B) $2 C) $1 D) $2.66
An advantage of a swap over futures and options is that
A) they can be written for long periods. B) they are more liquid. C) they carry less default risk. D) there is no need to assess the creditworthiness of participants.