In Order to Quantify Risk Associated with a Particular Hazard

question 12

Multiple Choice

In order to quantify risk associated with a particular hazard we need to know

• A) where and when it will occur.
• B) the probability of it occurring and the possible consequences of the event.
• C) the size of the population in the hazard location.
• D) what other events could occur with it.
• E) the kind of precursor events that may happen before it.

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Definitions:

Land Supplied

Land supplied indicates the quantity of land offered for use or development, affected by factors like pricing, zoning regulations, and market demand.

Rationing Function

The ability of market prices to allocate scarce resources efficiently among competing uses.

Incentive Function

The inducement that an increase in the price of a commodity gives to sellers to make more of it available (and conversely for a decrease in price), and the inducement that an increase in price offers to buyers to purchase smaller quantities (and conversely for a decrease in price).

Loan Period

The duration of time from the initiation of a loan to its final due date, within which the borrower is expected to repay the borrowed amount along with interest.