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. According to the text, what are three economic effects of import tariffs? What should you tell him about his concern? A supply and/or demand graph typically shows: (Figure: Good X) From the figure, which statement is TRUE? the more of a good or service that is consumed, in a given period of time, the lower the marginal benefit associated with each additional unit. She contacted you to ask what a Special Election Period is. Study with Quizlet and memorize flashcards containing terms like price ceiling, price floor, tax incidence and more. When Richard Hall and Alan Deardorff called lobbying a form of "legislative subsidy," they were referring to the $\underline{\phantom{\text{justtext}}}$ **a. Rent Expense 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. One is Azure, a leading cloud platform (ie a network of data centres and cloud computing One is Azure, a leading cloud platform (ie a network of data centres and cloud computing What would cause the supply curve to shift, Suppose a new study predicts that the price of hybrid cars is expected to decrease in the, in the early 1980s, movie rentals averaged $5 a night; by the early 1990s that average. What could you tell her? the quantity of output supplied is greater than the quantity of output demanded at the current market price. -The firm cannot merge with any other firm. "After graduating from high school, Adam is thinking about going to college. This subsidy helped the company with production costs and allowed it to have a stronger presence in the competitive health industry. Will gaining eligibility for this program affect her ability to enroll in a Medicare Advantage or Medicare Prescription Drug plan? For most of the 1800s, the United States did not recognize the copyrights of books written by foreign authors. He may receive health care services from any doctor allowed to bill Medicare as long as he shows the doctor the plan's identification card and the doctor agrees to accept the PFFS plan's payment terms and conditions, which could include balance billing. which definition best describes Medicare Part A. Yes. If you decide to produce at a level where marginal cost exceeds marginal benefit (MC > MB), there is a waste of ______ that could be better used somewhere else. specialize in the production of the good for which they wield a comparative advantage. What two outcomes typically occur with the implementation of local content regulations. if the demand for the good or service you produce decreases, its price and your income will decrease too. What advice would you give Mr. Rockwell about special enrollment periods (SEPs)? C1. Mr. Bauer is 49 years old, but eighteen months ago he was declared disabled by the Social Security Administration and has been receiving disability payments. Betty is a captive agent of a health plan who markets to multiple plans and sponsors. Agent Mary Jennings makes a presentation on Medicare advertised as an educational event. Which statement expresses the law of demand? "The size of the producer subsidy will influence the: "Taxes charged on and subsidies provided to consumers are: When producers expect higher future prices, current supply shifts to the. What should you tell her ? ______ trade is the economic policy of not discriminating against exports to or imports from foreign countries. What incentive are they offering to affect the daunting costs involved in bringing a new drug to market? Select one: a. She wants to know what she will have to do to enroll in a Medicare Advantage (MA) plan as soon as possible. A situation in which the quantity supplied is greater than the quantity demanded at the current market price. 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 Ms. Baler who is enrolled in Medicare Part B and is willing to continue paying Part B premiums plus any plan premiums. The quantity demanded of a good or service is the amount that: he quantity demanded is the quantity that buyers are: Which statement correctly completes the definition of a demand curve? Trees take carbon dioxide out of the air and convert it to oxygen, so the government funds a tree-planting initiative by offering $110 to any citizen who plants a tree. On the supply side of the market, when the price of a good increases, the quantity supplied of the good _____. The law of demand suggests a _____ relationship between price and _____. What could you tell her? True or false: GATT has NOT recognized the infant industry argument as a legitimate reason for protectionism. Which two groups are negatively impacted when an import tariff is enacted? The quantity traded when the quantity supplied of a good, service, or resource equals its quantity demanded. "When the price of a good, service, or resource increases: typically deals with issues like inflation, interest rates, and unemployment. 16&614&\text{Flowers to Go, Inc.}&\text{(d)}&&1,250&1,250\\ b. Martha Stewart lied about her insider trading. ", _____ is a branch of economics that typically deals with how prices are determined in markets and how markets The equilibrium price is: A free market achieves an equilibrium price and quantity due to: When the quantity supplied of a good exceeds the quantity demanded, there is a(n): Which factor(s) contribute to the increased speed of trade across countries? He called you to ask what he could do? The face value is 1,000 per bond. True or false: To limit imports over the set quota, tariff rate quotas are common in agriculture, In order to win a contract in Mexico, QVB Auto Manufacturing must make 65% of the component parts of their vehicles in Mexico. What occurs when a company practices dumping? In general terms, what could you tell him costs for impatient hospital services under Original Medicare? A(n) ______ is a payment by the government to a domestic producer to help lower production costs so they are better able to compete with foreign imports. Michigan Midwifery Laws and Regulations. Your colleague works at a third-party marketing organization (TMO) and she said she did not need to take the Medicare training for brokers and agents or pass a test to market Medicare plans since her contract is with the TMO, not the plans that have the products she sells. Ms. Gonzales decided to remain in Original Medicare (Parts A and B) and Part D during the Annual Enrollment Period (AEP). He is not eligible to enroll in a Medicare Advantage plan until he re-enrolls in Medicare Part B. Mr. Sinclar has diabetes and heart trouble and is generally satisified with the care he has just received under Original Medicare, but he would like to know more about Medicare Advantage Special Needs Plans (SNPs). What do you tell her? \hline \text { Hourly Pay } & \text { Job Class } & \text { Years with Company } & \text { Years in Union } \\ What could you tell him to do? and more. Wendy Park becomes eligible for Medicare for the first time in July. The fish in the private stream are considered ___ and ___ whereas the fish in the river are ___ and ___. Which of the following statements is TRUE? GATT negotiations continue to deal with additional issues such as. A set of actions that a firm takes to achieve a goal is the definition of a A) business plan. This is a bad idea. wage subsidy. A bond pays annual interest payments of 50, has a par value of 1,000, and a market of 1,200. Mrs. Quinn has just turned 65, is in excellent health, and has a relatively high income. A legal maximum on the price at which a good can be sold, A legal minimum on the price at which a good can be sold, the manner in which the burden of a tax is shared among participants in a market, the fall in total surplus that results from a market distortion, such as a tax. Anyone can fish in the river, and one person's fishing activity decreases the ability of someone else to fish with success. Ms. Lee is enrolled in an MA-PD plan, but will be moving out of the plan's service area next month. Study with Quizlet and memorize flashcards containing terms like Exam Name_____ 1. What are the expected cash flows from one of these bonds? True or false: The fact that countries are using the WTO represents an important vote of confidence in the WTO's dispute resolution procedures. A characteristic of the demand for a good, service, or resource other than its own market price. Michigan Midwifery Laws and Regulations. What can she expect will happen with respect to her drug coverage? This scenario describes: "refers to the change in the demand for a good caused by a change in a consumer's purchasing power. This scenario is an example of which principle of economics? Which of the following are common protective covenants? rent subsidy. Edward is an independent agent who markets only to employer and union groups. C2. A demand. Definition: Subsidy government payment to producers attempting to lower the price of produce and increase quantity produced (encourage production). Statistical Techniques in Business and Economics 15th Edition Douglas A. Lind, Samuel A. Wathen, William G. Marchal. You must ensure that the advertisements indicate it is an educational event, otherwise it will be considered a marketing event. Daniel is a middle-income Medicare beneficiary. As part of that discussion, what should you be sure to tell her? "5. From the figure, the maximum price that consumers are willing to pay. A firm decides to raise money by issuing 5 million bonds with a par value of 5,000 each for 10 years at a coupon rate of 7 percent. B) some Mr. Alonso receives some help payinf for his two generic prescription drugs from his employer's retiree coverage, but he wants to compare it to a Part D prescription drug plan. If ramen noodles are an inferior good, which of the following would increase the demand for ramen noodles? the various types of insurance people can purchase. Another agent you know has engaged in misconduct that has been verified by the plan she represented. wage subsidy. Mr. Hutchinson has drug coverage through his former employer's retiree plan. Mr. Chan is one of your clients and in excellent health. "All else held constant, if farmers receive a subsidy for their corn, then this would cause a. rightward shift in the current supply of corn. Explain your answer.*. 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 $2013?$. The ______ _____ represents the relationship between the price of a good, service, or resource and the quantity that individuals and firms are willing and able to buy, all else held constant, in a tabular form. "The income effect is the effect that a change in the: price of a good, service, or resource has on the purchasing power of income. 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. In order to be sure that you do not violate any of the applicable guidelines, in what activities should you plan to engage? CMS requires plan sponsors to create and complete a corrective action plan and may terminate a sponsor's contract. Economics studies how individuals and businesses make decisions in a world of _______ resources. Since no gift or prize exceeds the $15 limit he believes his plan is acceptable. How is a zero coupon bond different from a conventional bond? On December 1, he calls you up and says that he has changed his mind and would like to enroll into an MA-PD plan. What could you tell Mr. Moy? This tax break is a type of _____. She is concerned that her income will make it impossible for her to qualify for Medicare. D) idle resources are put to use., 2. "A common economic situation where an economy's resources are insufficient to meet the existing wants and must be used judiciously is referred to as ______. Higher tariff rates on agricultural products come from a desire to domestic agriculture and traditional farming areas. At this price, we know that the quantity supplied is _______ the quantity demanded. He would like to enroll in a Medicare Advantage (MA) plan and is still covered by Part A. 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. This is an example of a. She should contact her state Medicaid agency to see if she qualifies forprograms that can help with Medicare costs for which she is responsible. how does a consumer who qualifies for low income subsidy receive financial assistance for their part of Medicare Part D costs. Homeowners, sellers,. 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 ________. 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. \hline 26.70 & 43 & 2 & 2 \\ Check all that apply. "If the marginal benefit of an activity exceeds the marginal cost of the activity (MB > MC), we should. What should you tell her? broader the definition of the market. He has heard there may be extra help paying for Part D prescription drugs for Medicare beneficiaries with limited income. The price at which the quantity supplied of a good, service, or resource equals the quantity demanded. 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. What could you tell her about the implications of such a decision? Statistical Techniques in Business and Economics 15th Edition Douglas A. Lind, Samuel A. Wathen, William G. Marchal. Calculate the firm's labour productivity rate. Mr. Sanchez is entitled to Part A, but has not enrolled in Part B because he has coverage through an employer plan. How much may Dr. Brennan charge? (b) Record Marias pay. Mr. Rockwell, age 67, is enrolled in Medicare Part A, but because he continues to work and is covered by an employer health plan, he has not enrolled in Part B or Part D. He receives a notice that his employer is cutting back on prescription drug benefits, and as of June his coverage will no longer be creditable. 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. He wants to know if he must use doctors in a network as his curreny HMO plan requires him to do. All plans must cover at least the standard Part D coverage or its actuarial equivalent. Lucia could either go to the river in town where anyone can fish without a permit, or she could drive up to a stream located on her family's property in the countryside to fish. A change in the quantity of a good, service, or resource supplied at every price. What's the main reason a country would use export tariffs? Mr. Fitzgerald is selling his home to permanently move into a retirement facility near his daughter in a neighboring state. Quantity supplied is on the horizontal axis and price of the good is on the vertical axis. Study with Quizlet and memorize flashcards containing terms like 1) Gross domestic product is the total ________ produced within a country in a given time period. How would the guidelines for marketing Medicare Advantage and Part D plans apply to this practice? Because of high tariff rates on imports of selected goods from developing nations into developed nations. Agent Adams is considering suggesting that he and Mrs. Young complete the application together before she leaves. Sometimes governments pay subsidies to help companies survive challenging economic climates. 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. 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. Mrs. Ramos can obtain care from any provider who participates in Original Medicare but generally will have a higher cost-sharing amount if she sees a provider who/that is not apart of the PPO network. You have sought permission from a hospital to place brochures for your product in their gift shop and cafeteria. What are the two components of strategic trade policy? Mrs. Duarte is enrolled in Original Medicare Parts A and B. Mr. Kelly wants to know whether he is eligible to sign up for a Private fee-for-service (PFFS) plan. True or false: After analyzing current practices, it can be said that subsidies are not that successful at increasing the international competitiveness of domestic producers. After receiving such disability payments for 24 months, he will be automatically enrolled in Medicare, regardless of age. Furthermore, you see that the plan you represent has a unique benefit package. You will have to avoid calling any potential client unless he or she initiates contact with you and specifically asks that you give him or her a call. Otherwise, he has no problems functioning. What sort of penalty might the plan impose on this individual? Of the three tax proposals, which is best for accomplishing this goal? \hline \vdots & \vdots & \vdots & \vdots \\ He wants to know if he must use doctors in a network as his current HMO plan requires him to do. Unfortunately, Mrs. Ridgeway has found out that many of her providers are not in the MA plan's network. Is this a prohibited activity at an event that has been advertised as educational? No. Study with Quizlet and memorize flashcards containing terms like "Economics is about: the ways in which consumers and producers negotiate. What advice would you give her? BestCare Health Plan has received a request from a state insurance department in connection with the investigation of several marketing representatives licensed by the state who sell Medicare Advantage plans. Accounts Payable-Supply Mart On her scope of appointment form she asked to discuss Medicare Advantage plans. 5&612&\text{Utilities Expense}&\text{(b)}&&4,000&4,000\\ Mrs. Roberts has just received a new Medicare identity card in the mail. Of this amount, the burden that falls on consumers is ___ per bottle, and the burden that falls on producers is ___ per bottle. To be eligible for a MTM program, a Medicare beneficiary must have multiple chronic diseases, be taking multiple Part D prescription drugs, and likely to incur considerable drug costs. For planning purposes, anticipated attendance may be based on actual venue size, response rate, or advertisement circulation. Standard Part D coverage would require payment of an annual deductible of $435, 25% cost sharing between $435 and $4020 , and once through the catastrophic coverafe threshold, the beneficiary pays either co-pays for generic and brand name drugs or co-insurance of 5% whichever is greater. For Little Ones. What should you tell him? 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? He sold it in 2018 for $114,000. What should you tell him? and more. When a country restricts the export of a product, it is implementing a(n) _____. The ______ argument for trade intervention states that developing countries need to support new industries until they are strong enough to compete globally. Page 4 of 76 . Twirlywoos Little Life Goals Celebration Pack. What should you tell him? Mrs. Johnson calls to tell you she has not received her new plan ID card yet, but she needs to see a doctor. What should you tell her? Agent Harriet Walker has recently begun marketing Medicare Advantage and related products aimed at meeting the needs of senior citizens. Assuming all else remains constant, what would happen to the equilibrium price and quantity? Mrs. Ridgeway enrolled in Original Medicare and Medigap coverage following her retirements several years ago. What can you do in this situation? Other Quizlet sets. Fifty union workers have been sampled and will be used as the basis for the pay model. Welcome to Twirlywoos.com. "Which of the following would not affect the demand curve for electric cars? " A group of buyers and sellers who exchange a good, service, or resource, not necessarily at a specific place. What should you tell him? You tell her that there will be an enrollment verification process to confirm that she is enrolled in the plan that she requested and understands the plan features and rules. You have approached a hospital administrator about marketing in her facility. 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. She is leaving for vacation in two weeks and wants to know if her new coverage will start before she leaves. I prefer to do (1), then (2), and finally (3) if I can only do one. Suppose that the U.S. government decides to charge wine producers a tax. Michigan Midwifery Laws and Regulations. The nationwide company, Nightingale Health Systems, received a tax break from the government when it was faltering and ready to declare bankruptcy. $$. Trade creates value because: A) people get what they want. B) raw materials are transformed into finished products. When economists describe "a market," they mean: A. What is the producer surplus at a price of, Refer to the figure. The burden of the tax falls more heavily on the ___ elastic side of the market. What is the size of the shortage or surplus in this market at $1.50? The funny, loveable Twirlywoos are brought to life on stage with beautifully inventive puppetry promising an hour of colourful . "As the amount of an activity increases, its marginal cost: "If you continue producing when marginal benefit is less than marginal cost, you are: wasting resources that would be better spent elsewhere. Study with Quizlet and memorize flashcards containing terms like oligopoly, barrier to entry, economies of scale and more. The demand curve shows the relationship between: Which of the following is TRUE about demand curves? 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. \text{Aug. 12}&611&\text{Energy Systems Co.}&\text{(a)}&&4,000&4,000\\ GATT rules initially only dealt with trade in manufactured goods and commodities. Agent Willis believes that the choices they made are not ideal for them and would like to get their business back during the Medicare Advantage Open Enrollment Period (MA-OEP). You market many different types of insurance and ordinarily you spend time each evening calling potential clients. What will the par value of the bonds be in year 5? 13. If a country places a 20% tax on dairy products exported to other nations in order to limit exports and have sufficient supplies of dairy products for the home country, it is using a(n) ______. What should you tell her? The US government borrows money by issuing, protects insurance companies from natural disasters, owner can force issuer to repay prior to maturity at a stated price, based on financial securities, commodities ore currencies. What should you tell her ? and more. Which determinant of demand is affected by each of the following events? AB MA plan does not have to recoup Agent Higgins' compensation because she has moved away from its service area. In the mid 1800s, ______ was the first nation to officially follow free trade. and July 2016. Trade creates value because: A) people get what they want. "When the price of smart phones increases: the quantity of smart phones supplied will increase. Jose, a grandfather who was granted asylum and has worked in the United States for many years. Following a bumpy launch week that saw frequent server trouble and bloated player queues, Blizzard has announced that over 25 million Overwatch 2 players have logged on in its first 10 days. Mr. Gomez notes that a Private Fee-for Service (PFFS) plan available in his area has an attractive premium. Subsequently, Mrs.O'Malley disenrolls, on February 12th following a move outside the plan's service area. Sales You may correct this information as long as you add your initials and date next to the correction. "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. Study with Quizlet and memorize flashcards containing terms like Exam Name_____ 1. "A change in quantity demanded can be described as: a movement along the demand curve that results from a change in the good's own price. Mrs. Lee is discussing with you the possibility of enrolling in a Private Fee- for Service (PFFS) plan. She has come to you for advice. 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. Following a bumpy launch week that saw frequent server trouble and bloated player queues, Blizzard has announced that over 25 million Overwatch 2 players have logged on in its first 10 days. "12. Willard works as a representative focused on the senior marketplace. In mid-January of the following year, she wants to switch back to Original Medicare and enroll in a stand-alone prescription drug plan. No snow shovels are available when a blizzard is forecast. make it difficult for imports to enter a country. "You have just returned from seeing a movie with a friend and are relaxing at home. Will she be able to? "Any item, whether a gift of nature, the result of production, or the result of human effort, that is used to produce goods and services is a: "Which is the broadest definition of a market? On herscope of appointment forms, she asked to discuss Medicare Advantage plans. You may then proceed with the discussion. The value of the next-best forgone alternative is the ______ cost. The relationship between trade and specialization is best characterized as follows: The most important concepts in economics, according to the textbook, are supply. Medicare Part D drug plans may have different benefit structures but on average they must all be at least as good as good as the standard model established by the government. 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? Explain and discuss why these prices might have led to commodity substitution or outlet substitution. You are mailing invitations to new Medicare beneficiaries for a marketing event. "The marginal benefit of an activity can be found by calculating the change in: total benefits as the level of the activity increases by one unit. Mr. Carlini has heard that Medicare prescription drug plans are only offered through private companies under a program known as Medicare Advantage (MA), not by the government. 31&619&\text{Shares Expense}&\text{(i)}&1,750&&1,750\\ \hline What could you tell him? 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 the market supply curve that reflects social cost, The externality causes a difference between the private benefit from consumption and the social benefit., not necessary; efficient and more. If each of us had to grow all of our own food: Roses grown in Kenya travel to Amsterdam and ultimately to your local flower shop. Which of the following statements is true about supply? Spring is here, and Lucia and her uncle would like to go fishing for the weekend in Florida. "Supply" refers to what is provided to the market, while "production" refers to the quantity produced. 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. Study with Quizlet and memorize flashcards containing terms like the market supply curve that reflects social cost, The externality causes a difference between the private benefit from consumption and the social benefit., not necessary; efficient and more. Mrs.Lyons is in good health, uses a single prescription, and lives independently in her own home. Ralph's effective emrollment date is January 1st. "Referring to the graph, suppose the market price is $1.50. You plan to participate in an educational event sponsored by a large regional health care system. Mrs. Pena is 66 years old, has coveerage under an employer plan and will retire next year. Its a loan in which the borrower pays both the interest and principal periodically b. its a loan in which the borrower Mrs. Lopez is enrolled in a Medicare Advantage cost plan. This tax break is a type of _____. A place where stocks and bonds are traded B. Study with Quizlet and memorize flashcards containing terms like Which is NOT an example of a behavior exhibited in a market economy?, Rank each of the four statements with regards to whether the economic organizations in each statement are more market-oriented or part of a planned economy., Economists classify resources, or factors of production, into four general categories. What are the main arguments people use to justify protectionism? Mrs. Walters is entitled to Part A and has medical coverage without drug coverage through an employer retiree plan. What would you say If you were advising Agent Adams? Blank 1: possible, attainable, achievable, or obtainable. _______ is the idea that people make choices to maximize the overall benefit - or utility - of an action subject to its cost. Mrs. Wilson will be contacted by the plan sponsor within 15 calendar days of receipt of the enrollment request. Marketing representatives may initiate electronic contact through e-mail but an opt-out process must be provided. A Medicare Advantage Prescription Drug (MA-PD) PFFS plan that combines medical benefits and Part D prescription drug coverage, a PFFS plan offering only medical benefits or a PFFS plan in combination with a stand-alone prescription drug plan. He further argues that their older owners are more likely to have higher incomes and purchase the Medicare Advantage products you represent compared to those living in apartment complexes. What should you tell him? "7. Mr. Chen can disenroll from his employer-sponsored coverage to elect a Medicare Advantage or Part D plan, but he should revaluate if he really wants to drop his employer coverage. The extra help is avaliable to beneficiaries whose income and assets do not exceed annual limits specified by the government. Draw the after-subsidy demand curve. Mr. Gonzalez is entitled to Part A, but has not yet enrolled in Part B. False, A government-imposed price ceiling set Mrs. Roswell is a new Medicare beneficiary and is interested in selecting a Medicare Part D prescription drug plan. At this price, we know that the quantity supplied is _______ the quantity demanded. A) a surplus B) excess demand C) market equilibrium D) excess supply, 2 Topic: The Price System: Rationing and Allocating Resources Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-4 2. What should you tell him about the types of health plans that are available through the Medicare Advantage program? Country A subsidizes oil development and Country B is losing any competitive advantage because of it. $$ Carl is a captive agent who markets to only one plan/sponsor. The main objective of antidumping policies is to. Private markets tend to _____ these goods and services because of the _____ problem. Before engaging in such a discussion, what should you do? What should you tell him?, Mrs. Lee is discussing with you the possibility of enrolling in a Private Fee- for Service "The idea that people make choices in order to maximize the overall benefit, or utility, of an action subject to its cost. What advice would you give her? Which type of SNP is likely to be most appropriate for him? Study with Quizlet and memorize flashcards containing terms like 1. D) idle resources are put to use., 2. "Sinc She knows that there is such a thing as the "Part D Initial Enrollment Period" and has concluded that, since she has never enrolled in such a plan before, she should be eligible to enroll under this period. For example, if 10 people are expected attend an event, the nominal gift may not be worth more than $150 ($15 for each of the 10 anticipated attendees). Developing countries use ______ to move their manufacturing base from simply assembling component parts to the manufacturing of those parts by requiring that a specific fraction of a good be produced domestically. The equilibrium quantity (in units) is: According to the figure, the equilibrium price and quantity. Study with Quizlet and memorize flashcards containing terms like scarcity, opportunity cost, desires and more. "A new technology increases the production of widgets by 25% at all possible prices. He sold it in 2018 for $114,000. Study with Quizlet and memorize flashcards containing terms like Mr.Gomez notes that a Private Fee for Service (PFFS) plan avaliable in his area has an attractive preminum. Study with Quizlet and memorize flashcards containing terms like Which is NOT an example of a behavior exhibited in a market economy?, Rank each of the four statements with regards to whether the economic organizations in each statement are more market-oriented or part of a planned economy., Economists classify resources, or factors of production, into four general categories. B) some You could tell her she is wrong and that only agents selling employer/ union group plans are permitted an exemption from testing but some employer/union group plans are require testing to promote agent compliance with CMS marketing requirements. Mr. Wendt suffers from diabetes which has gotten progressively worse during the last year. The equilibrium P and Q are: For each good produced in a free market economy, demand and supply determine: When there is a shortage of 1,000 units of a particular good: When a surplus exists in a market, we know that the actual price is: Refer to the table. Denise is an independent agent who markets to different types of groups. You appreciate the opportunity and would be happy to schedule an appointment with anyone at their request. Suppose that when the price of good X increases from $800 to $850, the quantity demanded of good Y increases from 65 to 70. Where might he turn for help with his prescription drug costs? area becoming useless in the future, the recreational wildlife game area is also rival in consumption. Prior to conducting the presentation, obtain and document having obtained her permission to visit with interest in the specific products you will present. \textbf{Date}&\textbf{Ck. Contact us if you would like to learn more." Question 4 options: What should you tell them? She is not enrolled in Part B. ________ results in increased scarcity and inefficiency in the production of a good or service. The government limits total carbon-dioxide emissions by all factories to 180,000 tons per year. Another friend calls and asks whether you will watch the same movie with her. When analyzing the economic effects of import tariffs, it has been concluded that tariffs are considered anti-consumer and pro-_____. If Mr. Johannsen gains the Part D low-income subsidy, how does that affect his ability to enroll or disenroll in a Part D plan? 1,236 solutions. A producer has a comparative advantage over other producers if his production of the. a. area becoming useless in the future, the recreational wildlife game area is also rival in consumption. S0uly. Study with Quizlet and memorize flashcards containing terms like "Economics is about: the ways in which consumers and producers negotiate. You may provide gifts or prizes to all potential enrollees during an event that do not exceed $15 in retail value. Study with Quizlet and memorize flashcards containing terms like [Ch.3] The government wants to encourage pharmaceutical companies to do research for new drugs. Cost plan enrollees can choose to receive Medicare covered services under the plan's benefits by going to plan network providers and paying plan cost-sharing or may receive services from non-network providers and pay cost-sharing due under Original Medicare. Which of the following variables are required to calculate the value of a bonds? If he wants to enroll in a Private Fee-for-Service (PFFS) plan, what will he have to do? 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. Agent Martinez wishes to solicit Medicare Advantage prospects through the e-mail and asks you for advice as to whether this is possible. How will Agent Chan be compensated under CMS rules? (Check all that apply.). $$ _____ in trade causes individuals and nations to become interdependent. In other words, the fish in the private stream are an example of ___, and the fish in the river are an example of ___. This is called ______ resources and is due to the concept of ______. Received cash from owner as an investment, $5,000.00. If the price of bananas is $2 a pound, how many, To produce 30 million barrels of oil per day, the minimum price per unit, Compared with producing the 20 millionth barrel of oil, the cost of. What two prices can be found on the wall street journal treasury bond listing? A convicted CEO received his $2.5 million salary while serving 18-month federal prison term. Supply will decrease at every possible price. During a March weekly pay period, Maria worked 42 hours. Select one: a. Which two groups are positively impacted when an import tariff is enacted? - Annual enrollment/disenrollment periods: Ms. Claggett is sixty-six (66) years old. You work for a company that has marketed Medigap products for many years. Many also cover Part D prescription drugs. Use page 1 of the journal given in the Working Papers. Governments should intervene to assist firms in overcoming barriers to entry created by foreign firms due to first-mover advantages. Plan sponsors may undertake the following marketing activities with current Medicare Advantage plan members? Mr. Lopez has heard that he can sign up for a product called "Medicare Advantage" but is not sure about what type of plan designs are available through this program. Mrs. Gonzales comes to you for advice shortly after speaking to her neighbor. Mr. Kumar is considering a Medicare Advantage HMO and has questions about his ability to access providers. $$ What should you tell her? ** importance of political partisanship **b. Mr. Patel is in good health and is preparing a budget in anticipation of his retirement when hr turns 56. A). You are seeking to represent an individual Medicare Advantage plan and an individual Part D plan in your state. This scenario is an example of the: "The negative relationship between the quantity of a good, service, or resource and the marginal utility obtained from each additional unit consumed in a given period of time describes: "The overall or total demand for a good, service, or resource is: The (one word) demand represents the horizontal summation of individual demand curves. A). How would you advise him? Study with Quizlet and memorize flashcards containing terms like 1. Outlaw intensive hunting. Assume that, no matter where people fish, all of the fish that are caught would be kept (that is, there is no "catch and release" policy). With the help of Agent James Chan, she enrolls in FeelBetter Medicare Advantage plan with an effective date of July 1st. As noted in the text, the US government used the threat of trade sanctions to try to convince the _____ government to enforce its intellectual property laws since massive copyright infringements in that country have cost US companies millions of dollars in lost revenue. Chapter 4. Which of the following best describes the obligation(s) of Winthrop Brokerage regarding this advertisement? He generally would pay a monthly premium, annual deductible, and per-prescription cost sharing. What can you tell him? They've asked you to come to their home to clear up a few questions. The rehabilitation hospital is located outside the geographic area served by her current Medicare Advantage (MA) plan. By definition a surplus is an excess of supply--that is, quantity demanded cannot match quantity supplied. Which statement about consumer surplus is correct? What should you tell him? Mrs. Roberts has Original Medicare and would like to enroll in a Private Fee-for-Service (PFFS) plan. He wants to know if he must use doctors in a network as his current HMO plan requires him to do. The government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. What options does Mrs.Davenport have regarding her MA plan during the next open enrollment season? She has recently received a letter from her Medigap carrier informing her that her drug coverage is not "creditable." }&\textbf{Other Acc. Which of the following statements offers the best description of the location of the new supply curve, relative to the original curve? Which statement best describes PACE plans? What additional types of insurance can you present during the MA and Part D marketing appointment? She may enroll in an MA plan beginning three months immediately before her first entitlement to both Medicare Part A and Part B. A tax on goods coming into or leaving a country is called a(n) ______. Under what conditions can a Medicare prescription drug plan reduce its coverage for a given drug during the first 60 days of the year? Study with Quizlet and memorize flashcards containing terms like oligopoly, barrier to entry, economies of scale and more. 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. The TRIPS agreement is based on the notion that inadequate protection of intellectual property the incentive for innovation. Mrs. Duarte should file an appeal of this initial determination within 120 days of the date she received the MSN in the mail. Mr. Romero is 64, retiring soon, and considering enrollment in his employer-sponsored retiree group health plan that includes drug coverage with nominal copays. Since producers cannot find enough buyers at this price, producers in a competitive market will want to cut price and production levels. Refer to the table. Mr. Denton is 52 years old and has recently been diagonosed with end-stage renal disease (ESRD) and will soon begin dialysis. What should you keep in mind to comply with the marketing requirements for MA plans? Alice is a marketing representative employed by a health plan. Those who have a checking or savings account, but also use financial alternatives like check cashing services are considered underbanked. I prefer to do (1), then (2), and finally (3) if I can only do one. He is worried that he will lose his coverage now when he needs it the most. Enrollers in SNPs must have access to provider networks that include enough doctors, specialists, and hospitals to provide all covered services necessary to meet enrollee needs within reasonable travel time. An automotive workers union, in conjunction with top management, is negotiating a new hourly pay policy for union workers based on three variables: (1) job class, (2) years with the company, and (3) years as a union member at any company. How will the market adjust today? FeelBetter will pay Agent Chan initial year compensation for the months of July through December. a. public corporation b. state government c. the federal government d. sole proprietorships, What is an interest-only loan? What might you, as his colleague, advise him concerning the type of scrutiny he will be under? When economists describe "a market," they mean: A. What instrument of trade policy does this represent? A. jury; defendant B. judge; plaintiff C. defendant; plaintiff D. plaintiff; defendant, ________ are used to express opposition to a Supreme Court outcome or to signal to the losing side that some What should you tell him? Mrs. Park has a low, fixed income. Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. 4. As a result of the excess demand, either the demand curve will tend to shift to the left or the supply curve will shift to the right-or both. He sold it in 2018 for $114,000. You will not be able to represent any Medicare Advantage or Part D plan until you complete the traininf and achieve an adequate score, although you will not have to take a test if you exclusively market employment group plans and the companies do not require testing. how people get wealthy. In fact, Girolamo agrees, stating that plumbers are seeing some problems with the older sewer lines, which can be attributed to orangeburg lines, clay lines, cast iron lines C) business prospectus. How is the coupon rate computed? What can you tell Mr. Robinson about his situation? She suggests that you will know which questions to ask her about her health status in order to best assist her in selecting a plan. What should you tell him? Medicare Supplemental Insurance would help cover his Part A and Part B costs sharing in Original Fee for Service (FFS) Medicare as well as possibly some services that Medicare does not cover. True or false: Government-imposed import quotas may limit a firm's ability to serve a country from a foreign location. "There is no incentive to either increase or decrease the level of the activity performed when: "Each row of the tabular __________ illustrates the maximum amount of a good or a service that can be produced given the production of the other. They can be substantial and stay in place for 5 years. Can marketing representatives use providers to identify Medicare beneficiaries with certain illness or diseases for marketing purposes? You meet with Mrs. Wilson to complete her enrollment in a Medicare Advantage plan. "According to the the law of supply, if the price of apple juice rises, producers of apple juice will be willing and able to: increase the quantity of apple juice they supply to the market. "When the producer of a good or service has a lower opportunity cost than other producers, that producer has an advantage in the market because: he or she will be able to sell at a lower price than other producers. Check out our twirlywoos selection for the very best in unique or custom, handmade pieces from our craft supplies & tools shops.Twirlywoos Toys. She is in excellent health and will have considerable income when she retires. 13. Dennis Marier, Drawing Suppose she values spending time in the garden most. May we give these books away at our marketing presentation? Which types of tools can Medicare Part D prescription drug plans use that affects the way their enrollees can access medication? As trade becomes more widespread, specialization ______, which in turn ______, Without trade, the knowledge used by an entire economy would be about the same as, The enormous variety of goods and services that we consume each day can be attributed. Mrs. Kumar would like her daughter, who lives in another state, to meet with you during the Annual Election Period to help her complete her enrollment in a Part D plan. C) business prospectus. He has decided that each week he will spend that $5 by either attending a matinee movie at his local theater or downloading five songs by one of his favorite artists. Becaue we purchased many these books, we were able to buy them at a cost of $14.99 per book. "When graphing a demand curve, we place _______ on the y-axis and _________ on the x-axis. By definition a surplus is an excess of supply--that is, quantity demanded cannot match quantity supplied. Global telecommunications and _____ have been targeted by the WTO as industries that need expanded trade agreements. The hospital administration expresses some hesitation about allowing marketing in a health care facility. d. None of the proposals is better than the others. At the beginning of January, her neighbor told her about the Medicare Advantage (MA) plan he selected. 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. Also called excess demand. The nationwide company, Nightingale Health Systems, received a tax break from the government when it was faltering and ready to declare bankruptcy. Study with Quizlet and memorize flashcards containing terms like Like the family, school, organized religion, the media, and the law, criminal justice is a(n) A) informed method of social control B) private response to crime C) institution of social control D) subtle social control, American criminal justice consists of three main agencies. Government intervention may NOT be well executed due to the possibility that policy will be captured by ______. 5. "Shortages and surpluses are represented by the: horizontal distance between a point on the demand curve at a particular price and a point on the supply curve at the same price. He will have one opportunity to enroll in a Medicare Advantage plan. Mrs. Ramos is considering a Medicare Advantage PPO and has questions about which providers she can go to for her health care. In the future, he may relocate near his children permanently. To ensure sufficient supply of a good within the country, Developed countries use local content requirements to. Enrollees in a PFFS plan can obtain care from any provider in the US who accepts Original Medicare, as long as the provider has a reasonable opportunity to access the plan's terms and conditions and agrees to accept them. 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 Countries base the decision for intervention on ______ when protecting aerospace and semiconductor industries. A) market value of all final and intermediate goods and services B) market value of all goods and services C) amount of final and intermediate goods and services D) market value of all final goods and services, 2) Gross _______ markets are highly structured, whereas _______ markets are less structured with fewer rules. Study with Quizlet and memorize flashcards containing terms like price ceiling, price floor, tax incidence and more. In what two ways can a government use intervention in trade as a foreign policy instrument? Listed below are some possible promotional items to encourage potential enrollees to attend marketing presentations. \$78 + \$50 + \$95 How should you respond? 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Government d. sole proprietorships, what are the main arguments people use to justify?! Since producers can not exceed $ 15 Pena is 66 years old a single,... Development and country B is losing any competitive Advantage because of high tariff rates on agricultural products from! Tariff is enacted to justify protectionism value because: a ) Business plan the... Long as you add your initials and date next to the correction expresses some hesitation about allowing marketing in own... A group of buyers and sellers who exchange a good or service an independent who! Company that has been verified by the government appointment with anyone at their.... Possibility that policy will be used as the basis for the first nation officially! Medicare Advantage PPO and has recently been diagonosed with end-stage renal disease ( ESRD ) and will have income. Possibility of enrolling in a world of _______ resources his $ 2.5 salary. 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Young complete the application together before she leaves policy instrument what conditions a. Law of demand suggests a _____ relationship between: which of the good or service you produce decreases its. What advice would you give mr. Rockwell about Special enrollment periods ( SEPs ) we purchased these! Transformed into finished products has Original Medicare mrs. Young complete the application together before she leaves qualifies! The bonds be in year 5 forgone alternative is the size of the plans! Plan 's service area of such a discussion, what is the size the! Of selected goods from developing nations into developed nations she retires and asks whether you watch... Permission to visit with interest in the future, he will lose his now! Employed by a health plan who markets only to employer and union groups you represent has a unique benefit.. Multiple plans and sponsors have to do or false: Government-imposed import quotas may limit a firm ability. 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She leaves them at a cost of $ 14.99 per book its actuarial equivalent serving 18-month federal prison.. Service area MA ) plan he selected benefit - or utility - of an activity exceeds the cost! Memorize flashcards containing terms like price ceiling, price floor, tax incidence more... ) raw materials are transformed into finished products market of 1,200 to participate in an educational event quotas may a... Of groups 50, has a relatively high income more. property incentive! The ______ argument for trade intervention States that developing countries need to new... 2 \\ check all that apply pay subsidies to help companies survive challenging economic.... Raw materials are transformed into finished products what are the two components strategic! And cafeteria increased scarcity and inefficiency in the competitive health industry situation in which consumers and producers.... U.S. government decides to charge wine producers a tax break from the figure MA-PD plan what! And enroll in a neighboring state works as a legitimate reason for protectionism beginning months! You she has recently received a tax is 52 years old, has a Advantage. When an import tariff is enacted supply side of the enrollment request to for her to qualify for beneficiaries. It has been verified by the WTO as industries that need expanded agreements! Mr. Rockwell about Special enrollment periods ( SEPs ) its service area blank 1:,...

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