Recall the Application about how the effect of a more dangerous job on wages may be used to calculate the value of a statistical life to answer the following question(s).According to the Application, if a worker is willing to take a $2,000 pay cut in order to reduce the probability of dying by .001, then the value of a statistical life is:
A. $2,000,000.
B. $2,000.001.
C. $2.
D. $20,000,000.
Answer: A
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In country X, the average yearly salary of 50-year-olds with 16 years of education is $50,275, while the average yearly salary of 50-year-olds with 12 years of education is $36,265
According to this data, four additional years of education are likely to be correlated with higher future wages of about: A) 24 percent. B) 38 percent. C) 50 percent. D) 88 percent.
The vertical axis in a graph
A) is named the y-axis. B) is named the x-axis. C) is not used in a scatter diagram. D) has no origin.
Marginal utility theory shows us that water, which is very common, has a ________ marginal utility and a ________ total utility
A) small; large B) large; small C) large; large D) small; small
The EMU created a currency area with more than
A) 200 million consumers. B) 250 million consumers. C) about a billion. D) 500 million consumers. E) 300 million consumers.