Special Savings Accounts That Individuals Would Pay into and Then

question 98

Multiple Choice

Special savings accounts that individuals would pay into and then use to pay for medical expenses (or use to purchase a catastrophic health insurance policy) are called

• A) Medicare accounts.
• B) comprehensive insurance plans.
• C) medical savings accounts.
• D) Health Maintenance Organizations (HMOs).

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Definitions:

Necessities

Basic needs essential for maintaining life, such as food, water, shelter, and clothing, which take precedence over other types of spending.

Elasticity Coefficient

A measure used to show the responsiveness of the quantity demanded or supplied to a change in one of its determinants, like price or income.

Supply

A schedule or curve that shows the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specified period of time.

Elastic

A characteristic of a good or service indicating that its quantity demanded or supplied changes significantly when there is a change in price.