If businesses found that changing economic conditions made it attractive for them to hire a larger number of economics majors, we would expect
a. economics majors to receive a greater return on their human capital investment.
b. a decrease in the employment opportunities for economics majors.
c. lower wages for economics majors.
d. fewer students to major in economics.
A
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What is the significance of the mutual interdependence among the firms in an oligopolistic market?
What will be an ideal response?
The perfectly competitive seller's short-run supply curve is
A) its entire marginal cost curve. B) its marginal revenue curve. C) the part of its marginal cost curve above the average variable cost curve. D) the part of its marginal cost curve above the average total cost curve.
Which of the following statements is correct? An individual worker's labor supply curve
a. can never be backward sloping. b. slopes backward if that person responds to a higher wage by taking fewer hours of leisure per week. c. slopes backward if that person responds to a higher opportunity cost of leisure by working fewer hours per week. d. slopes upward if that person works the same number of hours per week, regardless of the opportunity cost of leisure.
From an economic perspective, the best response to increased wage inequality is to:
A. block future technological change. B. stop all international trade. C. make skill-biased technological change illegal. D. provide transition aid to disadvantaged workers.