An Increase in the Number of Students Graduating with a Major

question 180

Multiple Choice

An increase in the number of students graduating with a major in psychology would result in

• A) a decrease in the supply of psychologists that would increase the wage of psychologists and decrease the number employed.
• B) an increase in the supply of psychologists that would decrease the wage of psychologists and increase the number employed.
• C) a decrease in the demand for psychologists that would decrease the wage of psychologists and decrease the number employed.
• D) an increase in the demand for psychologists that would increase the wage of psychologists and increase the number employed.

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Definitions:

Workers' Compensation

Insurance providing wage replacement and medical benefits to employees injured in the course of employment.

Gross Payroll

Gross payroll represents the total amount of money a business owes to its employees before any deductions, such as taxes and other withholdings, are made.

Injury

Physical harm or damage to a person's body, often resulting from accidents or violence.

FICA-OASDI

The Social Security portion of the Federal Insurance Contributions Act tax, used to fund the Social Security program in the United States.