In a cost-benefit analysis, the value of a human life is sometimes calculated on the basis of
a. the risks that a person voluntarily exposes herself to in her job and/or recreational choices.
b. the value of each individual's assets.
c. the belief that human life is priceless.
d. the amount of resources required to adequately sustain life.
a
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The law of one price states that identical products should sell for the same price everywhere as long as transactions costs are zero
Indicate whether the statement is true or false
Which of the following would not be a result of replacing the income tax with a consumption tax so that interest income was no longer taxed?
a. The interest rate would decrease. b. Investment would decrease. c. The standard of living would eventually rise. d. The supply of loanable funds would shift right.
Which of the following statements is false?
A) In the case of a negative externality, the market equilibrium is inefficient. B) In the case of a negative externality, when a tax is set equal to the marginal external costs (MEC) efficiency can be achieved. C) In the case of a negative externality, when a tax is set that is greater than the marginal external costs (MEC) inefficiency will result. D) In the case of a positive externality, when a tax is set equal to the marginal external benefits (MEB) efficiency can be achieved.
If the demand for a product decreases and the supply of the same product increases, the equilibrium quantity will increase
Indicate whether the statement is true or false