In the United States in 2011, there were 104 fatalities per 100,000 workers in the logging industry. This is the second-highest rate after the fisheries industry
Everything else equal, would you expect workers in the logging industry to be paid higher wages than workers with similar levels of education in other industries? Explain.
For a worker to choose to work in a high-risk job, the wage must be high enough that he or she is indifferent between the high-risk job and his next best alternative. His next best alternative could be a low-risk, low-wage job. This means that high-risk jobs will pay higher wages. High-risk industries, like the logging industry, will attract those workers who are willing to bear an occupational risk in return for a higher wage. These wage differences that are used to attract workers to otherwise undesirable occupations are known as compensating wage differentials.
Data source: http://www.bls.gov/iif/oshcfoi1.htm#2011
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Which of the following market models results in the highest price assuming a fixed number of firms with identical costs and a given demand curve?
A) Cournot B) Stackelberg C) Monopoly D) Price is the same in all three markets.
Economists refer to the problem that exists when public property is treated poorly because it is in no one's private interest to protect it as the
A. tragedy of capitalism. B. mistake of zoning. C. Achilles' heel of socialism. D. tragedy of the commons.