When You Chose a Major,you Likely Thought About Your Skills

question 89

Multiple Choice

When you chose a major,you likely thought about your skills.Let's say you don't enjoy dealing with numbers.How could you explain to your parents,using logic from economics,why you chose to major in English instead of mathematics?

• A) The opportunity cost of learning mathematics is too high.
• B) The opportunity cost of learning to appreciate literature is too high.
• C) The expected value of a major in English after graduation is low.
• D) The expected value of a major in mathematics after graduation is high.
• E) The opportunity cost of going to college is too low.

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Definitions:

Price Level

A measure of the average prices of goods and services in an economy at a specific time, indicating the cost of living or inflation rate.

Real Output

The total quantity of goods and services produced in an economy, adjusted for price changes or inflation, indicating the true growth in an economy’s production.

The General Theory of Employment, Interest, and Money

A seminal work by John Maynard Keynes that laid the foundation for Keynesian economics and the study of macroeconomics.

Long-Run Aggregate Supply

Long-Run Aggregate Supply (LRAS) represents an economy's total production capacity when all factors of production are fully utilized, assuming constant technology and resource availability.