MATCHING: -An Option That Provides for Increases in Benefit Amounts to to Help

question 13

Multiple Choice

MATCHING:
-An option that provides for increases in benefit amounts to help pay for expected future increases in the costs of long-term care services

• A)nursing home
• B)assisted living facility
• C)Social Security
• D)Supplemental Security Income
• E)Medicare
• F)Medicaid
• G)long-term care insurance
• H)inflation protection
• I)nonforfeiture benefit
• J)waiver of premium payment
• K)elimination period

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Definitions:

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes.

Extensive Range

A wide scope or variety of something, covering a broad spectrum.

Constant Returns to Scale

A situation in which increasing the scale of production inputs results in a proportional increase in the output.

Long-run Average Total Cost

The cost per unit of output incurred when all factors of production, including physical capital, are variable.