the value of the opportunity that you give up when you choose one activity instead of another. ), The stalled Doha Round has caused many nations to use _____ to foster trade. Yes. Mr. Barker had surgery recently and expected that he would have certain services and items covered by the plan with minimal out-of-pocket costs because his MA-PD coverage has been very good. How would you respond? Which of the following variables are required to calculate the value of a bonds? You have been providing a pre-Thanksgiving meal during sales presentations in November for many years and your clients look forward to attending this annual event. On the supply side of the market, when the price of a good increases, the quantity supplied of the good _____. What questions would you need to ask to determine his eligibility? If these are my best choices and the dollar It is now a year later and Mr. Shultz has lost his employer group coverage. He has come to you for advice. Agent Armstrong follows up with individuals who request more information about ABC MA plans via the website and tries to persuade them to enroll in ABC plans. A characteristic of the demand for a good, service, or resource other than its own market price. Mrs. Duarte should file an appeal of this initial determination within 120 days of the date she received the MSN in the mail. If ramen noodles are an inferior good, which of the following would increase the demand for ramen noodles? How should you respond to your colleague's suggestion? She is concerned that it is forgery since it does not have her Social Security number on it. The underbanked represented 14% of U.S. households, or 18. This could be considered a discrimatory activity and a prohibited practice. Since Mrs. Hall specifically asked that you discuss the stnad-alone Part D plan, you may do so as long as she signs a new scope of appointment form indicating that she wants to discuss the Part D plan. The sum of individual supply curves added together reflect the _____ supply curve. 60 in interest at the end of each year for 10 years and a 1,000 repayment of principal at the end of 10 years. Trade creates value because: A) people get what they want. What should you tell him? "Producing a good or a service at a lower opportunity cost gives the producer: Comparative advantage is the foundation for establishing the benefits of _____. Study with Quizlet and memorize flashcards containing terms like Given the supply and demand curves on the right, when the price of the good is $20, we say that the market is in ________. Otherwise, he has no problems functioning. What should you tell him? We would like to offer additional gifts if they come to a separate marketing event. Select one: a. Study with Quizlet and memorize flashcards containing terms like Which of the following episodes made TheStreet.com's list of "The Five Dumbest Things on Wall Street for the Week"? If Mr. Block enrolls in the stand-alone Medicare prescription drug plan, he will be disenrolled from the Medicare prescription drug plan, he will be disenrolled from the Medicare Advantage plan. Will she be able to? a. public corporation b. state government c. the federal government d. sole proprietorships, What is an interest-only loan? Select the correct definition of the term "comparative advantage." Dr. Brennan can charge Mary Rodgers no more than the cost sharing specified in the PFFS plan's terms and condition of payment which may include balance billing up to 15 percent of the Medicare rate. nonrival, nonexcludable, $5320, greater, should, 1. You are mailing invitations to new Medicare beneficiaries for a marketing event. Only the third drug works for him and it is not on his Part D plan's formulary. If the price of bananas is $2 a pound, how many, To produce 30 million barrels of oil per day, the minimum price per unit, Compared with producing the 20 millionth barrel of oil, the cost of. It means that he qualifies for a one-time opportunity to enroll in an MA- PD or Part D prescription drug plan. the various types of insurance people can purchase. He recently heard about a Medication Therapy Management (MTM) program in which his friend is enrolled. If non-compliance occurs, CMS can penalize a plan in which of the following ways? What can you tell Mr. Robinson about his situation? As a result, Mary has been admitted to a rehabilitation hospital where she is expected to reside for several months. What should you tell her ? upward: shortage, less quantity supplied and more quantity demanded. A legal maximum price at which a good can be sold is a price: A price ceiling creates a ________ when it is set ________. When an event has been advertised as "educational" discussingplan-specific premiums is impermissible. You may then proceed with the discussion. Mrs. Lu is turning 65 in November and called to ask for your help deciding on a Medicare Advantage plan. Study with Quizlet and memorize flashcards containing terms like When the government does not use quotas, taxes or other means to restrict what its citizens can buy from or sell to another country, it is called ____ trade., What are four main instruments of trade policy?, Taxes placed on imports to protect domestic producers from foreign competition and to produce revenue for the 1,236 solutions. }\\ and more. "1. She has recently received a letter from her Medigap carrier informing her that her drug coverage is not "creditable." Study with Quizlet and memorize flashcards containing terms like Chapter 7, All of the following statements regarding the definition of basis other than cost are true except:, In 2015, Grant purchased land for $103,000 for use in his business. Each individual factory is given the right to emit 140 tons of carbon dioxide, and factories may buy and sell these rights in a marketplace. Before the tax, 50 million bottles of wine were sold every month at a price of $6 per bottle. No, not unless each individual has ocmpleted a HIPAA authorization that explicitly gives the provider authorization to disclose the individual's health care information for purposes of marketing (which is highly unlikely). What is the amount and type of gain on this sale, before netting of any other gains and/or losses? }&\textbf{Account Debited}&\textbf{Post Ref. Mr. Tully's daughter can do so only, if she is authorized under state law as a court appointed legal guardian, has a durable power of attorney for healthcare decisions, or is authorized under state surrogate consent laws to make health decisions. Which of the following statements is correct about Medicare Savings Account (MSA) Plans? Carl is a captive agent who markets to only one plan/sponsor. He can give away more than one gift during a single event, but the aggregate retail value cannot exceed $15. Sales RSPB Big School's Birdwatch. Since producers cannot find enough buyers at this price, producers in a competitive market will want to cut price and production levels. Medicare prescription drug plans are not permitted to cover the prescription medication the Vaughns are interested in under Part D coverage, however plans may cover them as. Market supply is the ______ summation of the quantities supplied by individuals, firms, states, or even nations at each price over a fixed time period. Study with Quizlet and memorize flashcards containing terms like 1. Study with Quizlet and memorize flashcards containing terms like The market for public goods such as _____ are often subject to _____. Ralph's effective emrollment date is January 1st. He wants to know if he must use doctors in a network as his curreny HMO plan requires him to do. Mr. Fitzgerald is selling his home to permanently move into a retirement facility near his daughter in a neighboring state. 13. What could you say to her? Which options could Mrs. Roberts consider before selecting a PFFS plan? The company has added Medicare Advantage and Part D plans and you will begin marketing those plans this fall. \hline \text { Hourly Pay } & \text { Job Class } & \text { Years with Company } & \text { Years in Union } \\ He could enroll in one of the MA plans that include perscription drug coverage or a Medigap plan and a stand-alone prescription drug plan. Ordinarily, you obtain referrals from a theid party that initiates contact with potential clients and usually sets up appointments for you. Therefore, by definition, it is a common resource. From the figure, the maximum price that consumers are willing to pay. Tell Mr. Anderson that you cannot accept any enrollment forms until the annual election period begins . What could you tell her about the implications of such a decision? "If the cost of potatoes decreases, and McDonalds buys potatoes to make their french fries, McDonalds: a. supply of French fries would increase. "If the marginal benefit of an activity exceeds the marginal cost of the activity (MB > MC), we should. Larry, Raphael, and Alex are hunters who live next to a recreational wildlife game area that is open to hunting; in other words, anyone is free to use the recreational wildlife game area for hunting. If an investment of $\$100,000$ is made in $2005$ and the portfolio performs with returns equal to those of the DJIA, what is the investment worth in $2013?$. Study with Quizlet and memorize flashcards containing terms like Chapter 7, All of the following statements regarding the definition of basis other than cost are true except:, In 2015, Grant purchased land for $103,000 for use in his business. Mr. Lombardi likes the PPO plan that does not include drug coverage and intends to obtain his drug coverage through a stand-alone Medicare prescription drug plan. What can she expect will happen with respect to her drug coverage? Page 4 of 76 . The equilibrium quantity (in units) is: According to the figure, the equilibrium price and quantity. Study with Quizlet and memorize flashcards containing terms like In court cases the ________ is the party that brings charges and the ________ is the party accused of a violation of the law. Mr. Yoo contacted you to find out more about what this means. Refer to the figure. f. Also called excess supply. Explain your answer.*. It occurs three months before and three months after the month when a beneficiary meets the eligibility requirements for Part B, so she will not be able to use it as justification for Mr. Ford enrolled in an MA-only plan in mid November. "Martin has given himself an entertainment budget of $5 per week. Mr. Carlini can stay with Original Medicare and also enroll in a Medicare prescription drug plan through a private company that has contracted with the government to provide only such drug coverage to eligible Medicare beneficiaries. the additional cost associated with one more unit of an activity. Sometimes governments pay subsidies to help companies survive challenging economic climates. Today, many nations are _____ new trade policies associated with the WTO. 26&618&\text{Echo Co.}&\text{(h)}&&5,500&5,500\\ If there is a special needs plan (SNP) in Mr. Wendt's area that specializes in caring for individuals with diabetes, he may enroll in the SNP at any time under a special enrollment period (SEP). "When we graph the relationship between price and quantity demanded: we call the result a demand curve, but demand curves are often drawn as straight lines. "If there is a change in a nonprice determinant of demand for a good,: Firms will be willing and able to produce more output only when prices rise, because the _______ cost of production is rising. What should you tell her? ** importance of political partisanship **b. Mr. Rice has coverage for medical services and medications through his employer's retiree plan. As a result, many U.S. publishers printed pirated unauthorizededitions of Charles Dickens and other British authors without paying them royalties. Calculate the firm's labour productivity rate. "If an activity is performed where the marginal benefit is greater than the marginal cost (MB > MC), there is: The more of a good or a service that is produced in a given period of time, the higher the marginal ______ that is associated with each additional unit. "When less output is being produced at every price, we say there is: "The government decides to implement a tax on turnips. Member nations hoped that the WTO would do which two of the following? Which three industries are frequently targeted by antidumping actions? At this price, we know that the quantity supplied is _______ the quantity demanded. marginal cost of waiting is less than the marginal benefit of being served. If sellers want to sell more products than buyers are willing to purchase, we know that: Suppose that the equilibrium price in the market is $10. "The opportunity cost of producing a good or a service can be found by: solving for the cost of one good in terms of another. A bond pays annual interest payments of 50, has a par value of 1,000, and a market of 1,200. "When resources are allocated in such a way that it is possible to increase the production of one good only by decreasing the production of another, then the allocation of resources is: The quality of a(n) _______ model can be measured by how well it reflects reality and whether it gives us insights that can be used in the real world. a. What advice would you give Mr. Rockwell about special enrollment periods (SEPs)? Chapter 4. When the government does not use quotas, taxes or other means to restrict what its citizens can buy from or sell to another country, it is called ____ trade. She is concerned that since no generic prescription drug is available and these drugs are very high cost, she will not be able to find a Medicare Part D prescription drug plan that covers either one of them. and more. Prepaid Insurance In most Medicare Advantage HMOs, Mr. Kumar must generally obtain his services only from providers who have a contractual relationship with the plan (except in emergency or where care is unavailable within the network). AB MA plan does not have to recoup Agent Higgins' compensation because she has moved away from its service area. What should you do? Youare working with a number of plans and community or organizers to sponsor an educational event. IRR continues to be very popular in practice, partly because, it gives a rate of return rather than a dollar value, Payback period tells the time it takes to break even in an __ sense. The infant industry argument has what potential negative consequence? Study with Quizlet and memorize flashcards containing terms like oligopoly, barrier to entry, economies of scale and more. Mrs. Nunez will have to wake up to sign her form or do so at another time. Betty is a captive agent of a health plan who markets to multiple plans and sponsors. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. The negative relationship between the marginal benefit associated with the use of a good or service and the quantity consumed. "Supply" refers to what is provided to the market, while "production" refers to the quantity produced. Therefore, by definition, it is a common resource. how people make choices in a world of scarcity. C2. Chapter 4. Assume that the trade-offs between the two products are constant at all levels of output for both countries. What should you tell her? Mrs. Young is currently enrolled in Original Medicare (Parts A and B), but she has been working with Agent Neil Adams in the selection of a Medicare Advantage (MA) plan. Study with Quizlet and memorize flashcards containing terms like "Economics is about: the ways in which consumers and producers negotiate. If a Part D benefit is offered through her plan she may choose to enroll in that plan or standalone PDP, Which of thr following statements about Medicare Part D are correct. He has advanced Alzheimer's and is incapable of understanding the implications of choosing a Medicare Advantage or prescription drug plan. As part of that discussion, what should you be sure to tell her? True or false: Krugman advocates that it is logical to expect the US government to ignore special-interest politics when forming policy. a. What should you do? Next week you will be participating in your first "educational event" for prospective enrollees. By threatening ______ trade sanctions, one country can convince another country to open its markets. "The primary determinant of the quantity demanded by consumers is the: "Identify which of the following is an example of a shortage. Mrs.Lyons is in good health, uses a single prescription, and lives independently in her own home. What type of tariff is this? Mr. Kumar is considering a Medicare Advantage HMO and has questions about his ability to access providers. As she reviews her records, she is trying to determine which of the following items are considered compensation. Michigan Midwifery Laws and Regulations. She has drug coverage through the VA. What issues might she consider with regard to whether to enroll in a Medicare prescription drug plan? "What will happen to the market for gasoline now if buyers expect higher gasoline prices in the near. As the text notes, Donald Trump appears to embrace which view on trade? All types of PFFS plans are available in her area. Ms. Lee is enrolled in an MA-PD plan, but will be moving out of the plan's service area next month. What should you tell her? Tell her that the Medicare agency does not endorse or reccoment any plan. One of your colleagues suggests that you do a presentation on one of the Medicare Health plans you market, and modify it to include information about preventive screening tests showcased at the event. Which two activities are in place in the US to protect domestic farmers from foreign competition? He is enrolled in a Medicare prescription drug plan rhat you represent. "In economics - resources can also be called. What should you tell her? A change in a nonprice determinant of supply changes the relationship between price and quantity supplied, either increasing or decreasing quantity supplied at every price. Suppose that when the price of good X increases from $800 to $850, the quantity demanded of good Y increases from 65 to 70. 1,236 solutions. While making an appointment to discuss Medicare Advantage (MA) and Part D plans with a potential enrollee, you are asked to describe other types of insurance products that your client might wish to purchase. D) idle resources are put to use., 2. This scenario is an example of which principle of economics? Sometimes referred to as non-own-price determinant. Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required. It is now the beginning of September. c. Betty Vinson was spotted abusing a Suppose that the U.S. government decides to charge wine producers a tax. He would like to enroll in a Medicare health plan but does not want to be limited in terms of where he obtains his care. Mr. Garrett has just entered his MA Initial Coverage Election Period (ICEP). He has heard there may be extra help paying for Part D prescription drugs for Medicare beneficiaries with limited income. What are non-tariff barriers quizlet? Homeowners, sellers,. He recently suffered complications following hip replacement surgery. Without individuals and households that are willing and able to buy a good, the ________ side of the market cannot exist. You are doing a sales presentation for Mrs. Pearson. Another friend calls and asks whether you will watch the same movie with her. Which two groups are negatively impacted when an import tariff is enacted? While they were supposed to last 50 years, their lifespans were cut short. He wants to know if he must use doctors in a network as his current HMO plan requires him to do. He wants to know whether he might qualify. He sold it in 2018 for $114,000. Its a loan in which the borrower pays both the interest and principal periodically b. its a loan in which the borrower Select the correct definition of the term "comparative advantage." Which type of SNP is likely to be most appropriate for him? Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. During his initial Part D eligibility period, he decided not to enroll because he was satisfied with his drug coverage. The WTO will continue to work to ______ markets because this will lead to an increase in world income, including an increase in income to developing nations. Since Mrs. Hall specifically asked that you discuss the stand-alone Part D plan, you may do so as long as she signs a new scope of appointment first indicating that she wants to discuss the Part D plan. Inquire whether the client qualifies for a special enrollment period and if not, solicit an enrollment application once the annual open enrollment election period begins on October 15th. B) some Dr.}&\textbf{AP Dr.}&\textbf{Cash Cr. Each of the gifts meets CMS's definition of nominal value, but taken together, the gifts are more than nominal value. While they were supposed to last 50 years, their lifespans were cut short. There us a MA Open Enrollment Period (OEP) that takes place between Januaray 1 and March 31, but Ms. Gonzales cannot use it because eligibility to use the OEP is available only to MA enrollees. According to the text, what are three economic effects of import tariffs? A consequence of subsidies paid to companies during difficult economic times -- for example, the Japanese farm subsidies -- is. Mr. Roberts is enrolled in an MA plan. What could you tell him? Mrs. Andrews asked how a Private Fee-for-Service (PFFS) plan might affect her access to services since she receives some assistance for her health care costs from the State. One is Azure, a leading cloud platform (ie a network of data centres and cloud computing A change in a nonprice determinant of demand changes the relationship between price and quantity demanded, either increasing or decreasing quantity demanded at every price. "On a production possibilities frontier (PPF) with Good X on the horizontal axis and Good Y on the vertical axis, we can say that the slope of the PPF (in absolute value) equals the opportunity cost of producing Good X with respect to the production of Good Y. "As the benefit of consuming more of a good falls with each additional unit, the price consumers are willing and able to pay also falls with increased consumption. ______ is the organization that encompasses GATT, GATS and TRIPS. This subsidy helped the company with production costs and allowed it to have a stronger presence in the competitive health industry. However, when he received the bill, he was surprised to see large charges in excess of his maximum out-of-pocket limit that included a number of services and items he thought would be fully covered. What are the two components of strategic trade policy? Which of the following best describes the obligation(s) of Winthrop Brokerage regarding this advertisement? What should you tell them? Suppose there is a $\$ 3$ per unit subsidy given to buyers. A condition in which the additional cost associated with each successive unit of an activity increases. Suppose that when the price of good X increases from $800 to $850, the quantity demanded of good Y increases from 65 to 70. It is Valentine's Day in the United States, and you give your lover one dozen roses that. Study with Quizlet and memorize flashcards containing terms like The market for public goods such as _____ are often subject to _____. The TRIPS agreement is based on the notion that inadequate protection of intellectual property the incentive for innovation. She asked you when she should have her daughter plan to visit. a common resource, nonexcludable, rival in consumpsion, 1. Study with Quizlet and memorize flashcards containing terms like Which of the following is located at the point where the supply and demand curves intersect?, Which of the following are needed to determine the equilibrium price of a good or service?, Which of the following is shown by the intersection of the supply curve and the demand curve? What are three reasons that the global trading system erected under GATT was strained during the 1980s and early 1990s? When the maximum legal price is below the market price we say that there is a price: Economists call the maximum legal price a price ceiling because the price: Price ceilings would create all of the following effects EXCEPT: When the maximum legal price is set below the market price then: In Ancient Egypt, the "Bronze Law" set maximum prices for wages, preventing them. }&\textbf{Other Acc. She does not want to make an abrupt change to new drugs that would be covered and asks what she should do. He is currently enrolled in Orifinal Medicare (Parts A and B) and a Part D prescription drug plan and did not enroll in a Medicare Advantage (MA) plan during the last annual open enrollment period (AEP) which has just closed. "Companies will be willing and able to produce additional units of a good only if the: price of the good increases enough to cover the increasing costs. The face value is 1,000 per bond. continue to increase output until MB = MC. Touring theatres across the UK from February 2019. "12. RSPB & the Twirlywoos visit Christ Church C of E Infant & Nursery School. 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