Setting periodicity in the week in Google Calendar
Use prop() instead of attr().
See the first point.
You're declaring var selectDay = function(idValue, element), your element argument is probably a typo? You don't need it.
See the first point.
Use switch instead of all those if. Or at least cache the $(this).val() result.
See the first point.
You don't need element.find(), you could use the context (somehow cleaner).


Overall, here is some code to give you the idea:

var selectDay = function (idValue) {
    $('select', idValue).change(function() {
        switch ($(this).val()) {
            case '0':
                $('label', idValue).hide();

                // Use prop(), not attr().
                $(this).closest('div').find('input').prop('checked', true);
                break;
        }
    });
};


Now you may notice something: this doesn't have exactly the same behavior as your code. Guess why :-)

A friend of mine says that whenever you use a switch case, you can actually use a mapping object. This might be another way to do it. The mapping object would be something like:

var mapping = {
    '0': {
        'label': 'hide',
        'checked': false
    },
    '1': {
        'label': 'hide',
        'checked': true
    }
};


And then you code accordingly to this object.