Why is health considered a consumption good and a form of human capital?
What will be an ideal response?
Health is considered a consumption good because it requires costly investment for future payoff—healthy individuals live longer and better lives. Health also contributes to increased worker productivity. Therefore, health is a both a consumption good as well as a form of human capital that allows people to increase their lifetime production.
A-head: ECONOMICS OF HEALTH
Concept:Valuing Health
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Which one of the following is true of a market for used cars?
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Social Security Income (SSI) is available for all, except
A. aged. B. immigrants. C. blind. D. disabled.
If the interest rate is below the equilibrium, which of the following occurs in this market?
a. excess supply b. excess quantity supplied c. excess demand d. excess quantity demanded