Economists Think That the Best Way to Determine the Value

question 243

Multiple Choice

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.

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Definitions:

Unemployment

The condition of someone of working age who is willing to work at prevailing wage rates but cannot find employment.

Binding Minimum Wage

A binding minimum wage is set at a level above the equilibrium wage in the labor market, effectively creating a floor on wages that employers must pay their workers.

High Skills

Refers to advanced capabilities and expertise in a particular field, often requiring extensive education or training.

Minimum Wage

The lowest legal hourly wage that an employer can pay an employee, set by government law.