Estimating the value of an injured or deceased person's life by calculating what he or she would have earned over the remainder of his or her life is called the
A) compensating differential approach.
B) death-and-taxes approach.
C) lost-income approach.
D) earnings-bracket approach.
C
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The "greater fool" theory assumes that
A) markets are efficient. B) bubbles cannot exist in well-organized markets. C) it makes sense for an investor to buy an asset as long as there is someone else to buy it later for a higher price. D) bond market returns are always above stock market returns.
The classical theory of inflation:
A. describes a long-run equilibrium. B. explains the direct relationship between money supply and the price level. C. shows neutrality of money in the long run. D. All of these statements are true.
The sales tax is generally considered to be a regressive tax
a. True b. False Indicate whether the statement is true or false
President Clinton, at the beginning of his administration, increased personal income taxes on individuals with relatively high incomes. How will this change the consumption schedule?
A. It will shift and become steeper. B. It will shift and become flatter. C. It will shift in a parallel manner. D. It will remain fixed as the economy moves along the schedule.