Medical savings accounts _____
a. provide insurance for very small health care expenditures
b. provide little accountability for small purchases
c. provide catastrophic coverage
d. all of the above
e. a and b
c
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If you are asked how much a 2-week vacation in Jamaica is worth, which function of money will you base your answer on?
A. Medium of exchange B. Store of value C. Standard of deferred payment D. Standard of value
Suppose that the percentage change in demand is 20%, the price elasticity of demand is 3, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply?
A. 0 B. 2 C. 4 D. 5
Refer to the tables. Suppose that Duckistan and Herbania are each producing 14 units of civilian goods and 2 units of military goods. Then:
A. Duckistan is fully employing its resources, but Herbania is not.
B. both Duckistan and Herbania are fully employing their resources.
C. Herbania is fully employing its resources, but Duckistan is not.
D. neither Duckistan nor Herbania is fully employing its resources.
Adverse selection in insurance implies that
a. all people face the same risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are not risk averse d. insurers cannot tell the risk levels that different individuals face