An Insurance Company Evaluates Many Numerical Variables About a Person

question 47

Short Answer

An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance. The number of claims a person has made in the last three years is an example of a ________ numerical variable.

Comprehend the importance of changes in inventory levels and their impact on GDP.

Recognize the impact of government purchases, investments, and exports and imports on GDP computation.

Understand how to calculate GDP with given macroeconomic variables.

Grasp the concept of the GDP deflator as a measure of changes in price levels and its calculation.

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Definitions:

Foot-In-The-Door Technique

A persuasion strategy that involves getting a person to agree to a small request to increase the chances they will agree to a larger request later.

Foot-In-The-Door Technique

A persuasion strategy where a small request is made first in order to increase the likelihood of compliance with a larger request later.

Balance Theory

A theory in social psychology suggesting that individuals strive for consistency in their beliefs, attitudes, and sentiments in relation to one another.

Assimilate

To absorb and integrate new information, cultures, or ideas into one's existing knowledge base or cultural identity.