The objective of risk management is to
a. determine the level of risk that is “acceptable” to society
b. evaluate and select the best policy approach to achieve the “acceptable” level of risk
c. evaluate and select the policy initiative to achieve any level of risk
d. (a) and (b) only
e. (a) and (c) only
d. (a) and (b) only
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In the market for gasoline, an increase in the federal excise tax on gasoline would shift the supply curve up
Indicate whether the statement is true or false
If a firm has substantial market power, it must be operating in an industry that would be classified as:
a. a monopoly or oligopoly. b. perfectly competitive. c. monopolistically competitive. d. perfectly competitive or monopolistically competitive. e. perfectly competitive or a monopoly.
Unanticipated increase in inflation transfers wealth from the borrower, who pays the pre-decided rate of interest to the lender
Indicate whether the statement is true or false
The business cycle peak associated with the Great Recession was in
A. November 2001 when the prior expansion started. B. September 2008, when the Great Recession became very severe. C. June 2009, when the Great Recession ended. D. December 2007 when the Great Recession started.