Microeconomics questions_Most people at least outwardly view human life as priceless_Answer

Microeconomics questions_Most people at least outwardly view human life as priceless_Answer

Microeconomics questions_Most people at least outwardly view human life as priceless_Answer

Microeconomics questions_Most people at least outwardly view human life as priceless_Answer

Microeconomics questions_Most people at least outwardly view human life as priceless_Answer

1.Most people, at least outwardly, view human life as priceless. Explain why it’s necessary to place a value on a human life.

2. Experts are always telling us why we must spend more money on their pet projects (infrastructure, schools, and national defense). Discuss why you should be suspect of expert opinion.

3. Life is full of risks. Define risk. Risk is what part of a microeconomics problem? What’s the key question surrounding risk? Under what circumstance should we try to achieve zero risk?

4. Your friend is an ethical and moral person. Her first job out of college is with an automobile tire company. After working for six months she discover that her company has developed a tire that never fails (i.e. blows out while driving). Her company, instead of selling this tire, sells a tire that occasionally fails and skills a 1,000 people each year. Your friend is so chocked by this knowledge she quits her job. explain to your friend, using microeconomics reasoning, why her company might purposefully sell a tire that they know kills people.

5. Here’s quote from this article, Economists are sometime defined as those who, like cynics, know the price of everything and the value of nothing. Do you agree or disagree with this statement? Explain.

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