The correlation between wages and the probability of encountering a fatal injury while on the jobs can be used to calculate the value of
A. safety.
B. work.
C. life.
D. injury.
E. risk.
Answer: C
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The slope of the production possibility frontier shows
a. how inputs must be changed to keep them fully employed. b. the technically efficient combinations of the two goods. c. how demanders are willing to trade one good for another. d. the opportunity cost of one good in terms of the other.
__________ would cause a leftward shift of the aggregate demand curve.
a. An increase in real wealth b. An increase in expected income c. A decrease in foreign income d. An increase in the expected price level e. A decrease in the value of the dollar
If a firm in a perfectly competitive industry raises its price above market price,
A. profit will increase. B. sales will drop to zero. C. demand curves will become downward sloping. D. total revenue for the firm will increase.
The United States has a comparative advantage in the production of wheat, and Haiti has a comparative advantage in the production of sugar. If both countries specialize based on the theory of comparative advantage
A. only the production of both goods will increase. B. only the production of wheat will increase. C. only the consumption of both goods will increase. D. the production and consumption of both goods will increase.