Term
| Adam Smith proposed that ______ influence labor market equalibrium |
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Definition
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Term
| __________ arise to compensate workers for nonwage characteristics of the job |
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Definition
| compensating wage differentials |
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Term
| Indifference curves relating the wage and job risk are ______ |
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Definition
| positively sloped at an increasing rate |
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Term
| In the market for risky jobs, Indifference curves mark the trade off between _______ and ______ |
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Definition
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Term
| If some workers like to work risky jobs and demand for those jobs is small, then the market compensating differential is ______ |
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Definition
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Term
| According to the Hedonic Wage Theory, workers maximize utility by choosing ______-_______ combinations that offer the greatest utility |
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Definition
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Term
| In Hedonic Wage Theory, Isoprofit curves are ______ sloping because _______ |
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Definition
| upward, production of saftey is costly |
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Term
| In Hedonic Wage Theory, Isoprofit curves are _________ to origon because___________ |
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Definition
| concave, production of saftey is subject to diminishing marginal returns |
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Term
| Hedonic ware functions reflect the relationship between ________ and _________ |
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Definition
| wages, job characteristics |
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Term
| the Hedonic wage function is created by combinations of _________ and ________ tangencies |
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Definition
| utilitiy curves, isoprofit curves |
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Term
| __________ is the amount that workers are willing to jointly pay to reduce the likelyhood that one of them will suffer a fatal injury in a given year on the job |
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Definition
| The Statistical Value of Life |
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Term
| __________ is charged with the protection and health of the American Labor Force |
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Definition
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Term
| OSHA mandated standards ________ utility of workers and profits of firms |
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Definition
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Term
| Good job characteristics are associated with ______ wage rates |
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Definition
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Term
| the relationship between wage differentials and amenities is ________ |
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Definition
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