An evaluation of relative risk is known as
a. risk-benefit analysis c. benefit-cost analysis
b. comparative risk analysis d. de minimis risk
b. comparative risk analysis
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When statisticians fail to take into account improvements in the quality of goods and services, the CPI will tend to ________ the rate of inflation.
A. understate B. be unrelated to C. precisely measure D. overstate
According to an article in the Wall Street Journal, unlike airlines, even elite hotels don't have sophisticated systems that can react quickly to changes in demand. Even if they could, many hoteliers say people don't respond that much to lower rates
"We've tested this, cutting our rates by $50 [per night], and we didn't see an appreciable response in occupancy," says Jim Schultenover, a vice president for Ritz-Carlton. Source: Jesse Drucker, "In Times of Belt-Tightening, We Seek Reasonable Rates," Wall Street Journal, April 6, 2001. Based on the information above, the demand for hotel rooms is A) perfectly elastic. B) inelastic. C) unit elastic. D) elastic.
If the rate of technical progress decreases, then the growth
a. of the labor force will decrease. b. of the capital stock will decrease. c. rate of potential GDP will decrease. d. rate of unemployment will decrease.
As banks lend money in the form of checking accounts:
a. M2 money supply rises when the loan is made and then falls when the loan is spent. b. M2 money supply rises when the loan is made and then falls when the loan is cleared. c. M2 money supply does not change. d. M2 money supply rises when the loan is made and stays at that level until the loan is repaid. e. M2 money supply rises when the loan is made and permanently stays higher until the central bank reverses it.