The question "What are you going to do with that major?" implicitly questions
A) how much you learn in that major.
B) whether the major should be offered on campus.
C) how much the market values the human capital developed in the major.
D) western bias.
C
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In the above figure, the competitive unregulated equilibrium is producing and consuming ________ tons of paper at a price of ________ per ton
A) 100; $150 B) 100; $100 C) 100; $50 D) 200; $100
In the above table, the efficient level of output can be achieved through a per unit subsidy of
A) zero. B) $20. C) $60. D) $120.
The Internet has made it possible to compare lots of prices without incurring a lot of cost. If Internet access is unequally distributed throughout the population one would expect
A) consumers with internet access to pay a higher price. B) consumers without internet access to pay a lower price. C) price discrimination against consumers without internet access. D) firms to charge the same price to all consumers.
When economists are critical of government regulations that prohibit free individuals from making certain kinds of contracts, for example, to purchase a good or service, they will usually invoke the concept of
a. marginal analysis. b. mutual gains from voluntary trade. c. inflation-unemployment trade-off. d. the need for abstraction. e. externalities.