INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 7

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-The [policy owner | insurance company] makes the investment decisions with universal life insurance.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

---

Definitions:

Labor Supply Curve

A graphical representation of the relationship between the quantity of labor supplied and the wage rate in an economy.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, calculated as the percentage change in quantity demanded divided by the percentage change in price.

Logarithmic Scales

Logarithmic scales are a way of displaying data on graphs where the scale is divided according to orders of magnitude, so each step on the scale represents a tenfold change in the data.

Marginal Revenue

The increase in revenue that results from the sale of one additional unit of product or service.