Which of the following statements is true?
A. People regard human life as priceless when making choices involving risk.
B. Economists calculate the value of life on the basis of the cost of dying.
C. Only economists behave as if life has a finite value.
D. People make decisions every day that reflect the valuations they place on their own lives.
Answer: D
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Jeremiah runs a bullfrog farm in Frogville, Oklahoma. Jeremiah notices that each additional worker he employs adds more to the total output than does the previous worker. Jeremiah must be
A) experiencing increasing marginal returns to labor. B) producing at a point where the average product of labor decreases as more workers are employed. C) producing at a point below his total product curve. D) mistaken because the law of decreasing returns points out that it cannot be the case that the marginal product increases as more workers are employed. E) producing at a point where the average product of labor exceeds the marginal product of labor.
Aristotle believed voluntary trade should be
A) an exchange of unequal values. B) an exchange of equal values. C) an exchange of equal material possessions. D) an exchange of unequal material possessions.
Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Yearly taxes are $20,000, and Hector received a one-time tax rebate of $5,000 during his first year of work
If Hector completely smooths consumption over his lifetime, his annual consumption is A) $37,516.67. B) $44,916.67. C) $45,083.33. D) $60,111.11.
If firms increase investment, the aggregate expenditures function will shift upward, other things being equal
a. True b. False Indicate whether the statement is true or false