Which of the following statements best describes the estimated economic loss of all motor vehicle crashes in 2012?

• A. The estimated economic loss was \$26,000.
• B. There was no economic loss from motor vehicle crashes in 2012.
• C. The estimated economic loss was significantly higher than \$26,000.
• D. The estimated economic loss was less than \$26,000.

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the context of the problem, which is about estimating the economic loss from motor vehicle crashes in a specific year (2012). Economic loss here refers to the total cost to society, including medical costs, lost productivity, property damage, and other related expenses.
2. Step 2: Recognize that the problem is asking to compare the estimated economic loss to a given figure (\$26,000). Since \$26,000 is a very small number for total economic loss from all crashes in a year, consider the scale of such losses typically reported in economic studies.
3. Step 3: Recall that economic losses from motor vehicle crashes are usually measured in billions of dollars, not just thousands, because they aggregate costs from millions of crashes, injuries, and fatalities.
4. Step 4: Use this understanding to evaluate the statements: the loss cannot be as low as \$26,000 or less, nor can it be zero, so the only reasonable conclusion is that the economic loss was significantly higher than \$26,000.
5. Step 5: Conclude that the best description is the statement indicating the economic loss was significantly higher than \$26,000, reflecting the large-scale impact of motor vehicle crashes on the economy.