Question

All of the following are correct regarding the economic valuation of human life expect_______. a) the...

All of the following are correct regarding the economic valuation of human life expect_______.

a) the economic valuation of life is a measure of the reduction in the probability that some segment of the population could be expected to die earlier than otherwise due to environmental risk.

b) most current U.S. health, safety, and environmental regulation can be justified as producing positive net benefit when measured using economic analysis.

c) the economic approach calculates the implied value of human life rather than the actual value of human life.

d) life is not economically "priceless" because the choices must be made about the use of scarce resources to prevent loss of life.

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Answer #1

"D"

What we are talking here is that human life has a price and if the price is less we can discard to protect the good with a higher price. that was we can use our scarce resources efficiently.

Let's take an example: there is a Diamond worth a million dollar and economy somehow we have ascertained the price of human life to be half a million only. now considers a situation that in an auction hall both diamond and that particular human is present and a fire incident happens. As per the statement, we should save the diamond and let the person die because diamond has a higher value i.e. a scarce resource.  

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