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29 Oct 2020

14. The U.S. Environmental Protection Agency (EPA) values a statistical human life at ______________(in 2006 U.S. dollars).

a. $8.4 million

b. $7.4 million

c. $9.4 million

d. $7.5 million

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Undertaking Marginal Analysis of pollution reduction
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Raushan Raj
Raushan RajLv8
29 Oct 2020

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Related questions

Refer to the table below: Year Unemployment Rate Labor Force (in thousands) 2000 4.0 142,583 2001 4.7 143,734 2002 5.8 144,863 2003 6.0 146,510 2004 5.5 149,401 2005 5.1 149,320 2006 4.6 151,428 2007 4.6 153,124 2008 5.8 154,287 2009 9.3 154,142 2010 9.6 153,889 2011 8.5 154,000 2012 7.9 155,600 2013 6.7 155,000

(a) What was the unemployment rate in 2013?

7.5% 10.2% 6.7% 5%

(b) How many more jobs were needed to bring the unemployment rate down to the 5 percent full-employment threshold in 2013?

8.4 million 9.7 million 6.5 million 2.6 million

(c) Using Okun’s Law, how more much would total output (GDP) have had to grow to create that many jobs in 2013?

7.8% 3.4% 6.4% 10.3%

Determine the effect of each of the following on U.S. nominal GDP:

(a) A fisherman catches one fish and sells it to you for $100 (you eat it raw).

(b) A fisherman catches one fish and sells it to a restaurant, but the fish rots in the restaurant and leads to no additional sales of fish meals.

(c) A fisherman catches one fish and sells it to a Japanese restaurant in the U.S. for $100. The restaurant then serves you a sushi meal for $150.

(d) An Apple factory based in Hong Kong produces a computer and sells it to the U.S. government.

(e) Boeing produces a new jet and sells it to Madonna for $200 million. (f) General Motors produces a new jet engine and sells it to Boeing for $10 million.

(g) Boeing produces a new jet and sells it to British Airways for $200 million.

h) Boeing produces a jet and sells it to the U.S. Army for $200 million.

(i) The U.S. Army sells one of its used jet planes to Delta Airlines for $20 million. 3

(j) People get (somewhat) tired of eating out and cook excellent paella at home (by following instructions on youtube) once a month instead of going to McDonald’s. (k) The average rental price of housing drops by 30%.

(l) Taxes on capital income are abolished.

1) The working-age population includes

A) those in jails and hospitals.

B) youngsters between the ages of 14 and 16 if they are working at least part time.

C) employed and unemployed people over the age of 16.

D) only employed people over the age of 16.

E) people over the age of 16 who are in the Army.

2) The labor force includes people who

i.are less than 16 years of age.

ii.are in institutions.

iii.are actively seeking a job but do not have a job.

A) i only

B) i and iii

C) i and ii

D) iii only

E) i , ii, and iii

3) Assume the U.S. population is 275 million. If 210 million people are of working age, 135 million are employed, and 6 million are unemployed, what is the size of the labor force?

A) 275 million

B) 141 million

C) 135 million

D) 210 million

E) 204 million

4) The unemployment rate is the number of people unemployed divided by the

A) population, then multiplied by 100.

B) labor force participation rate, then multiplied by the population.

C) labor force, then multiplied by 100.

D) number of people employed, then multiplied by 100.

E) working-age population, then multiplied by 100.

5) Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million, and the working-age population is 175 million people. What is the unemployment rate?

A) 9.0 percent

B) 13.3 percent

C) 11.4 percent

D) 15.4 percent

E) 20 percent

6) Suppose the working-age population is 220 million, the labor force is 150 million, and the unemployment rate is 10 percent. The number of unemployed people is

A) 15 million.

B) 22 million.

C) 37 million.

D) 7 million.

E) 70 million.

7) The labor force participation rate is the

A) labor force divided by the working-age population, then multiplied by 100.

B) number of people employed divided by the labor force, then multiplied by 100.

C) labor force divided by the population, then multiplied by 100.

D) discouraged workers divided by the labor force, then multiplied by 100.

E) number of people employed divided by the population, then multiplied by 100.

8) If the number of employed people is 150 million, the number of unemployed people is 50 million, and the working-age population equals 285 million people, the labor force participation rate is

A) 70.2 percent.

B) 81 percent.

C) 17.5 percent.

D) 25 percent.

E) 52.6 percent.

 

9) A discouraged worker is

A) a person who is not happy with his or her job.

B) someone who works part time but wants full-time work.

C) someone who is asked to work overtime everyday.

D) someone who does not have a job but has given up looking.

E) another name for an unemployed worker.

 

 

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