Which of the Following Statements Is True of Medicaid

question 63

Multiple Choice

Which of the following statements is true of Medicaid?

• A) Medicaid is restricted to covering the health-care insurance for Americans aged sixty-five years and over.
• B) Medicaid does not pay for nursing home expenses.
• C) Medicaid covers people with disabilities, irrespective of age or income.
• D) Recent cost-containment measures have slowed the growth of Medicaid spending.
• E) Medicaid is now the government's second-largest domestic spending program, after Social Security.

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Definitions:

Midpoint Method

A technique used to calculate elasticity by taking the average of the initial and final quantities and the initial and final values.

Total Revenue

The total income received by a firm from its sales of goods or services, calculated as the unit price times the quantity sold.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.

Inelastic

A situation in which the demand or supply for a good or service is relatively unresponsive to changes in price.