Tutor profile: Michael B.
Subject: Risk Management and Insurance
If the frequency of loss is low and the severity is high, generally the most appropriate risk management tool to use is: (a) risk transfer or insurance (b) risk reduction (c) risk assumption (d) loss prevention and control (e) risk avoidance
The answer is A) Risk Transfer or Insurance. Risk Transfer is a risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. This is most commonly done through the purchase of an insurance policy, by which a specified risk of loss is passed from the policyholder to the insurer. Examples of events that occur infrequently but result in severe losses are natural disasters, third party liability losses, and employment lawsuits.
Subject: US Government and Politics
In Marbury v. Madison (1803), the Supreme Court assumed the power to (A) decide whether internal congressional procedures are constitutional (B) advise Congress on the constitutionality of a proposed law (C) regulate slavery (D) decide on the constitutionality of a law or an executive action (E) approve executive agreements
The answer is B) Advise Congress on the constitutionality of a proposed law. Marbury V Madison is a landmark supreme court case which forms the basis for the exercise of judicial review in the United States under Article III of the Constitution. In this case, the Supreme Court established the principle that a court may declare an at void if it is inconsistent with the Constitution.
If the price of good "A" increases the quantity demanded of good "B", then good "B" is: 1) a complimentary good 2) a substitute good 3) a bargain 4) an inferior good
The answer is 2) a substitute good. A substitute good is a good that can be used as an alternative to another good. An example could be the price of bread at one store versus another. If the price of bread at Whole Foods increases, than consumers will demand more bread from an alternative store like Krogers that offers the similar product, in this case bread. In this example, there is a high substitutability between products. Therefore, the increase in demand will be high. Another example is coke and pepsi. If the price of coke increases, soda consumers will demand pepsi in higher quantities.
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