Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 23, Problem 5IP
To determine

Determine whether the regulations be implemented to avoid the premature death.

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Which of the following techniques is used by economists to value years of life saved by a highway safety program? Either measuring the increased income that it allows or trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of death Trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of death none of the other answers is correct, because economists believe that it is impossible to put a value on life Measuring the increased income that it allows
Suppose that Edison, an economist from a college in Pennsylvania, and Hilary, another economist from a nonprofit institution in the Midwest, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over health insurance. The following dialogue represents a portion of the transcript of their discussion: Hilary: A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits. Edison: I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for those who are obese. Hilary: I disagree. I think government funding of health insurance is useful to ensure basic fairness. The disagreement between these economists is most likely due to Despite their differences, with which proposition are two economists chosen at random most likely to agree? Minimum wage laws do more to harm low-skilled workers than help them. Tariffs…
Journalist: To reconcile the need for profits sufficient to support new drug with the moral imperative to provide medicines to those who most need them but can not afford them, some pharmaceutical companies feel justified in selling a drug in rich nations at one price and in poor nations at a much lower price. But this practice is unjustified. A nation with a low average income may still have a substantial middle class better able to pay for new drugs than are many of the poorer citizens of an overall wealthier nation. Which one of the following principles, if valid, help to support the journalist's reasoning? a. People who are ill deserve more consideration than do healthy people, regardless of their relative socioeconomic positions. b. Whether one deserves special consideration depends on one's needs rather than on the characteristics of the society to which one belongs. c. Wealthier institutions have an obligation to expend at least some of their resources to assist those incapable…
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