Which of the following best defines the term "economic system"?
a. How a country determines currency
b. The system for determining interest rates
c. The system for allocating resources
d. A system for creating trade agreements
Ans: c. The system for allocating resources
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Integrity Insurance entered into a reinsurance agreement with Omega Reinsurance. Under terms of the agreement, Omega receives 40 percent of the premiums and is responsible for 40 percent of the losses, regardless of the size of the policy written by Integrity. What type of reinsurance is illustrated in this scenario?
(a) facultative reinsurance (b) surplus-share treaty (c) quota-share treaty (d) excess-of-loss treaty
Rate variances are the same as ________ variances. Efficiency variances are the same as ________ variances
A) spending; effective B) activity; static C) usage; quantity D) price; quantity