When There Is Only the Possibility of Accidental Loss,there Is

question 79

Multiple Choice

When there is only the possibility of accidental loss,there is

• A)speculative risk.
• B)default risk.
• C)pure risk.
• D)fortuitous risk.

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Definitions:

Economic Efficiency

A situation where resources are allocated in the most effective way from the standpoint of societal welfare.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available for everyone to consume without diminishing their availability to others, such as public parks and national defense.

Electoral System

The method by which votes are counted and converted into seats in a legislature or for selecting a government.