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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If a product has zero external costs, then marginal social cost equal marginal private cost
Indicate whether the statement is true or false
Which of the following is not an example of the fallacy of composition?
a. If I can get to work fastest by taking the interstate, so can everyone else. b. If you can only get away from it all by going to Fairbanks, everyone who needs to get away should go to Fairbanks. c. If the quickest way to get off a sinking ship is to run to the nearest lifeboat, all the passengers should do this. d. If the best TV reception can be gotten with a Couch Potato antenna, then everyone should have a Couch Potato antenna. e. If I can get a better view by standing up at the baseball game, everyone gets a better view by standing up.