Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
Question
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Chapter 5.4, Problem 1R
To determine

To understand: The importance of registration fee, and liability insurance.

Expert Solution & Answer
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Explanation of Solution

  • A significance of registration fee is that the person who pays the registration fee becomes the legal owner and it helps to defray the cost of administration.
  • A significance of liability insurance is it helps to reduce risk in case of uncertain events but it charges a different rate of premium to different people on the basis of age, gender, and marital status.
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