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Labor econ
chpter 6: Compensating wage differentials
15
Economics
Undergraduate 4
11/09/2008

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