Which of the following best describes \"the value of a statistical life\"? The m
ID: 1124295 • Letter: W
Question
Which of the following best describes "the value of a statistical life"?
The monetary value treated as the cost of an additional death from pollution.
The price society would pay, on average, to avoid a certain death.
The total monetary value of a person's current income and expected future income.
The cost to society of an average person's lifetime consumption.
The Social Security and Medicare taxes in the United States, which are payroll taxes, fit the description of which of the following tax structures?
Regressive.
Proportional.
Progressive.
It depends on the income of the individual being taxed.
Explanation / Answer
1> The price society would pay, on average, to avoid a certain death.
Reason
This value is calculated for the rest of the life remaining and it is calculated in monetary unit.
2>Regressive.
Reason
It is regressive because poorer people use them more and thus they have to pay higher proportion of tax.
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