Economists think that the best way to determine the value of a human life is to
a. evaluate the value of a person's expected earnings in the labor market.
b. evaluate the risks people are willing to take and what they would have to be paid to take them.
c. determine a person's accumulated wealth at the time of death.
d. do nothing; human life is priceless.
b
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Scarcity is caused by
A) unlimited wants running up against limited economic resources. B) lazy workers. C) an individual's budget that is insufficient to cover the expenses of certain goods or services. D) shortages.
If the government implements a binding price ceiling on insulin, this will
A) increase the price consumers will pay for insulin. B) decrease the quantity of insulin the manufacturers will be willing to supply. C) have to be set above the market equilibrium price to be effective. D) encourage manufacturers to produce and sell more insulin to increase their profits.