You Have the Most Popular House on the Block for the Neighborhood

question 69

Multiple Choice

You have the most popular house on the block for the neighborhood children to play at.You have a trampoline,tree fort and jungle gym.Your family also has two large German shepherd dogs.What should you consider given the described situation?

• A)Purchasing personal property replacement cost coverage
• B)Purchasing earthquake coverage
• C)Purchasing an umbrella policy
• D)None of the above

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum quantity of two goods that can be produced with available resources and technology.

Consumer Goods

Products and services that are consumed by individuals or households to satisfy their needs or wants.

Capital Goods

Items that are used in the production of other goods and services, rather than being bought by consumers.

Opportunity Costs

The cost of choosing one alternative over others, representing the benefits an individual, investor, or business misses out on when choosing one option over another.