1. Contingent valuation techniques a are the only known way to measure "existence values." b are typically more reliable than revealed preference valuation techniques. c show that quality of life in a city is inversely proportional to real wages. d reveal that the vallue of a human life is roughly $7 million. 2. Say that households are mobile across cities and have similar preferences. Say that Houston has the same wages as Chicago but lower costs-of-living. Then we may infer that, a Houston has higher quality of life and lower productivity b Houston has higher quality of life and higher productivity c Houston has lower quality of life and lower productivity d Houston has lower quality of life and higher productivity 3. Which of the following expenditure programs is the largest in the United States? a National Endowment for the Arts b National Highway System c Ferderal (Title I) Spending on Schools d Old Age, Survivors, and Disability Insurance. 4. Which of the following type of government spending appears to cur- rently face the largest fiscal imbalance in the future? a Health b Education c Defense d Income Maintenance

1. Contingent valuation techniques a are the only known way to measure "existence values." b are typically more reliable than revealed preference valuation techniques. c show that quality of life in a city is inversely proportional to real wages. d reveal that the vallue of a human life is roughly $7 million. 2. Say that households are mobile across cities and have similar preferences. Say that Houston has the same wages as Chicago but lower costs-of-living. Then we may infer that, a Houston has higher quality of life and lower productivity b Houston has higher quality of life and higher productivity c Houston has lower quality of life and lower productivity d Houston has lower quality of life and higher productivity 3. Which of the following expenditure programs is the largest in the United States? a National Endowment for the Arts b National Highway System c Ferderal (Title I) Spending on Schools d Old Age, Survivors, and Disability Insurance. 4. Which of the following type of government spending appears to cur- rently face the largest fiscal imbalance in the future? a Health b Education c Defense d Income Maintenance

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter4: Utility Maximization And Choice

Section: Chapter Questions

Problem 4.14P

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