What Percentage of State Expenditures in 2007 Went to Corrections

question 25

Multiple Choice

What percentage of state expenditures in 2007 went to corrections?

• A)3%
• B)7%
• C)10%
• D)11%
• E)14%

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Definitions:

Expected Loss

The predicted amount of loss a business might suffer due to risks, calculated as the sum of all possible losses multiplied by their respective probabilities.

Weak Axiom

A principle used in consumer choice theory that stipulates if a consumer chooses bundle A over bundle B when both are affordable, then the consumer should not choose B over A when prices change, holding income constant.

Risk Inconsistency

The phenomenon where an individual's tolerance for risk changes in unpredictable ways over time or across different contexts.

Expected Loss

The anticipated amount of loss a business might suffer due to various risk factors.