Assume That Running in a Marathon Increases a Person's Risk

question 48

Multiple Choice

Assume that running in a marathon increases a person's risk of dying from almost negligible to about 1 in 50,000. If people know this risk and still choose to run marathons, economists would most likely conclude that people:

• A) are irrational.
• B) place no value on their lives.
• C) place a finite value on their lives.
• D) have self-control problems.

---

Definitions:

Input

Resources used in the production process to produce goods or services, such as labor, raw materials, and capital.

Output

The amount of goods or services produced by a company, industry, or economy.

Function

A relation between a set of inputs and a set of permissible outputs, typically defined by a rule that every input is related to exactly one output.

Production Function

A mathematical model that describes the relationship between inputs used in production and the output generated from those inputs.