Bob, Carol, and Ted Have Decided to Go into Business

question 53

Multiple Choice

Bob, Carol, and Ted have decided to go into business as a limited partnership importing and selling exotic spices. Bob and Carol will manage the business, and Ted will have no role in the day-to-day operations. Bob and Carol have each invested $500,000, and Ted has contributed the building and land that the business will be operated from. Alice, a customer, contracts a rare disease from a contaminated spice sold by the company and sues. Alice is awarded a judgment for $5 million. After she exhausts the assets of the partnership, having the property and building sold and seizing all other property, $3 million remains unpaid.

• A) Bob, Carol, and Ted each owe $1 million, and Alice must sue each for his or her part.
• B) Bob, Carol, and Ted each owe $3 million jointly and severally, so Alice may sue one, two, or all three for the $3 million balance.
• C) Bob and Carol each owe $1.5 million, and Alice must sue each for his or her part; Ted has no additional liability.
• D) Bob and Carol each owe $3 million jointly and severally, so Alice may sue one or both of them; Ted has no additional liability.

Understand the funding mechanisms for Medicaid and how it differs from Medicare.

Gain knowledge about various health insurance programs in the US, including SCHIP and the Affordable Care Act.

Familiarize with the health insurance systems and policies in different countries, including single-payer and employment-based systems.

Recognize the challenges and benefits associated with community rating and the individual mandate in health insurance.

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Definitions:

Finite Population

A population set consisting of a limited number of distinct entities that can be fully enumerated.

Queue Discipline

The set of rules determining the order in which tasks are processed, particularly in the context of waiting lines or queues.

Waiting-Line Models

Mathematical models used to analyze the processes and queues in systems where there is demand for service and to predict waiting times and process efficiency.

Operations

Activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.