Which of the following statements regarding private insurance and government insurance is (are) true?
I. Private insurance programs include life and health insurance and property and liability insurance.
II. Social insurance programs are government insurance programs that are voluntary and financed entirely by contributions from covered employers.
A) I only
B) II only
C) both I and II
D) neither I nor II
Answer: A
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When a provider has market dominance and hence can set its own prices (within reason), it is called a price taker.
a. true b. false
What is a possible disadvantage of forming a limited liability partnership (LLP) as opposed to remaining a general partnership?
A. Creation and continuation require compliance with statutory provisions. B. Partners are subject to a broad personal liability shield. C. LLPs are pass-through entities. D. Termination of an LLP involves the same process as in a general partnership.