Long-Term Care Insurance Is Used to Pay for a Stay

question 77

True/False

Long-term care insurance is used to pay for a stay in a nursing home but not for help at home.

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Definitions:

Comparative Advantage

The competence of an individual, firm, or nation to forge a good or render a service with a lower forfeited opportunity compared to others in the market.

Productivity

A measure of the efficiency of production, usually defined as the ratio of outputs produced to inputs used.

Opportunity Costs

The cost of foregoing the next best alternative when making a decision or choosing one option over another.

Opportunity Cost

The financial consequence of rejecting the subsequent optimal choice when deciding.