What Is the Stafford Act

question 40

Multiple Choice

What is the Stafford Act?

• A) The first law to formalize federal disaster relief to both States and individuals and families in one place. It also created the authority for the President to issue emergency declarations.
• B) It amended the 1974 Act to establish the framework for federal disaster assistance including requirements for requesting assistance, the type of assistance available, and the role of the Federal Emergency Management Agency.
• C) All of the functions and authority of the 1974 Act were placed under the director of the new Federal Emergency Management Agency (FEMA).
• D) It was an amendment to a previous act to require all states to include long and short term hazard mitigation plans in their emergency response strategies, specifically requiring attention to both natural and man-made disasters.

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Definitions:

Weak Axiom

In economic theory, a principle stating that if a consumer prefers bundle A to bundle B, then they will not prefer B to A when prices change, keeping income constant.

Revealed Preference

A theory suggesting that consumers' preferences can be determined by observing their purchasing behavior and the choices they make among different goods.

Weak Axiom

In the context of consumer choice theory, it is a postulate stating that if a consumer prefers bundle A over bundle B when both are affordable, then she will not choose B when A becomes more affordable.

Revealed Preferences

The theory that consumers' preferences can be determined by their purchasing habits and behavior rather than through their expressed desires or responses to surveys.