Refer to Scenario 17.4. If there is no flood insurance and the flood control system is in place, the expected loss from a flood is
A) $5,000.
B) $10,000.
C) $100,000.
D) $200,000.
E) $1,000,000.
A
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Which of the following is NOT a description of indirect finance?
A) You take out a student loan from your bank. B) You borrow $500 from your best friend. C) You buy shares in a mutual fund. D) An insurance company lends funds to IBM.
The country of Northland produced $1,000 billion of output in one year. The population of Northland was 50 million, of whom 30 million were employed. What was average labor productivity in Northland?
A. $33,333 B. $20 C. $20,000 D. $33
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market if buyers expect the price of coffee to rise?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)