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Scenario 17.4
Consider the following information:
StowUrStuff Storage is located slightly below sea level in a coastal town. It could build and maintain a flood control system around its property at an annual cost of $1000, and if it did so, the probability of a flood's doing $1,000,000 in damage during the year would be .005. With no flood control system, the probability of such a flood would be .01.
-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:
Ratification Vote
A vote conducted to approve or confirm a decision or agreement, such as a constitution or treaty.
Constitution
The fundamental law or set of principles by which a nation or state is governed, outlining the powers and duties of the government and the rights of the citizens.
Unitary Government
A system of political organization in which most or all of the governing power resides in a centralized government.
Written Constitution
A formal document that defines the structure of a government, the rights of the citizens, and the powers of the authorities; distinct from unwritten or customary constitutions.
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