Suppose that policymakers are doing cost-benefit analysis on a proposal to add traffic barriers to divide the flow of traffic in an effort to increase safety on a given highway.How can policymakers evaluate the costs and benefits of this proposal
A)The costs cannot be measured in the same units as the benefits.
B)Policymakers need to calculate the flow of the traffic.
C)Quantification of the benefit received from saving a human life is a straightforward process.
D)Policymakers must put a dollar value on human life.

Question

Quizplus · Accepted Answer

To effectively evaluate the costs and benefits of adding traffic barriers, policymakers must put a dollar value on human life. This is because the benefits of saving a life cannot be quantified in the same units as the costs of implementing the policy. By putting a dollar value on human life, policymakers can weigh the costs of adding traffic barriers against the potential benefits of reducing fatalities and serious injuries on the highway. This allows for a more comprehensive cost-benefit analysis of the proposal.

Suppose That Policymakers Are Doing Cost-Benefit Analysis on a Proposal