Darnell can work on an oil rig, where the probability of being killed in a work-related accident is 4/6,000, or he can earn work as a lumberjack, where the probability of being killed in a work-related accident is 1/6,000
Using the compensating differential approach, the value of Darnell's life is $6 million. How much more per year will working on an oil rig pay than working as a lumberjack? A) $2,000
B) $3,000
C) $4,000
D) $6,000
B
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
How does the idea of efficient markets influence the long-run market adjustment mechanism?
What will be an ideal response?
The U.S. unemployment rate is based on a yearly survey carried out by the U.S. Bureau of the Census.
Select whether the statement is true or false. A. True B. False
________ refers to the implicit cost associated with the next best alternative in a set of choices available to decision-makers
A) Specialization B) Resource scarcity C) Opportunity cost D) None of the above