Certain Professions Limit the Number of Students Who Are Eligible

question 36

Multiple Choice

Certain professions limit the number of students who are eligible to enroll in their programs in university - engineering,architecture,dentistry,and law,for example.What is the predicted effect of such a policy in each of these professions?

• A)A reduction in supply and a wage that is lower than it otherwise would be.
• B)An increase in supply and a wage that is lower than it otherwise would be.
• C)These professions are a relatively small portion of the labour market and so there will be no detectible change in wages.
• D)An increase in supply and a wage that is higher than it otherwise would be.
• E)A reduction in supply and a wage that is higher than it otherwise would be.

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Definitions:

Delayering

The process of reducing the number of levels in an organization's hierarchy, aiming to simplify structures and improve communication and decision-making.

Skill-based Pay Systems

Compensation strategies where employees are paid based on the number, kind, or level of skills they possess, rather than their job title or position.

Job Enrichment

Empowering workers by adding more decision-making authority to jobs.

Piecework Plan

A compensation system where employees are paid a fixed rate for each unit of production or action they complete, encouraging productivity.