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.

Question

Quizplus · Accepted Answer

Economists generally use the concept of "statistical life" to determine the value of a human life. This involves evaluating the risks people are willing to take and how much they would have to be paid to take those risks. This approach is used to determine things like the appropriate level of safety regulations or the appropriate amount of compensation for victims of accidents.

Economists Think That the Best Way to Determine the Value