Which of the following is an approach used by economists to calculate the value of a human life?
a. comparing the salaries of people who live in cities with more traffic lights to those who live in cities with fewer traffic lights
b. comparing the wages of more risky occupations to less risky occupations
c. comparing the costs of vehicles with safety features such as side-impact airbags to those without such safety features
d. All of the above are correct.
b
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Short-term economic fluctuations are ________ in length and severity and ________ to predict.
A. irregular; easy B. regular; easy C. regular; difficult D. irregular; difficult
In general, the costs tariffs and quotas impose on consumers are
A) large in total and large per person. B) small in total but relatively large per person. C) large in total but relatively small per person. D) small in total and small per person.
If the interest rate is 10% then the net present value of these cash flows is
a. $1041.32 b. $541.32 c. $1090.91 d. $590.91
Which of the following situations is not an example of market failure:
A. Ben's Department Store cannot charge passers-by for using the sidewalk outside the store B. Ben cannot afford to buy a high-end Mercedes Benz luxury car C. Ben's Place is the only restaurant in town and thus he has significant power to set menu prices D. Ben's Industries is dumping its wastewater into the unregulated river behind the factory