Economists think that the best way to determine the value of a human life is to
a. evaluate the value of a person's expected earnings in the labor market.
b. evaluate the risks people are willing to take and what they would have to be paid to take them.
c. determine a person's accumulated wealth at the time of death.
d. do nothing; human life is priceless.
b
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The figure above shows the loanable funds market. If the real interest rate is 10 percent, then
A) there is a shortage in the loanable funds market. B) the government must intervene in order to prevent a credit crisis. C) the interest rate must increase. D) savers will exit the market because of the high opportunity cost of saving. E) there is a surplus in the loanable funds market.
By and large, the price of each item on a restaurant menu is:
A) an accurate reflection of the item's marginal cost. B) based strictly on consumer demand. C) a function of cost and the price elasticity of demand for the item. D) a fixed multiple of the item's total cost.
Which of the following contributes to the poor performance of the healthcare industry?
a. An increasing share of healthcare costs is paid for directly by consumers. b. The tax system discourages the purchase of healthcare through employers, while offering advantages to those who purchase healthcare plans directly. c. State regulations often force insurers to cover items such as in-vitro fertilization, drug rehabilitation, and marriage counseling, which drive up insurance costs. d. State regulations make it attractive for health insurers to provide only low-cost, catastrophic health insurance.
Which of the following restricts the volume of international trade?
What will be an ideal response?