Certain Professions Limit the Number of Students Who Are Eligible

question 5

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.Other things being equal,what is one predicted effect of such restrictions?

• A)increased wages across all segments of the labour market
• B)decreased wages across all segments of the labour market
• C)decreased wages in the labour market outside of these professions
• D)increased wages in the labour market outside of these professions
• E)there will be no effect on any wages

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Definitions:

Cyclical Unemployment

Unemployment directly related to cycles of economic upturn and downturn.

Structural Unemployment

A form of unemployment caused by a mismatch between the jobs available and the skill levels of the unemployed, often due to technological changes or shifts in the economy.

Frictional Unemployment

Short-term unemployment occurring when individuals are between jobs or are seeking their first jobs.

Prosperity Phase

A period in the business cycle characterized by economic growth, high employment, and rising incomes.