The Economics of Professions: Checkpoint 1

Quick checkpoint - five questions on professions, doctors, nurses, lawyers and CAs.

Question 1 of 5 Why do professions require licences?

Clients can't easily judge quality To lower pay To stop training For fun

But licensing also restricts entry.

Question 2 of 5 Why do specialists earn more than GPs?

Longer training and scarcer skills They work less Government rules They're younger

Postgraduate training is long.

Question 3 of 5 Why do many Kerala nurses migrate?

Much higher pay abroad No jobs anywhere abroad Lower pay abroad They must by law

Migration brings remittances.

Question 4 of 5 What is true of lawyers' earnings in India?

They're highly unequal All earn the same All are rich Juniors earn most

Top seniors charge lakhs per hearing.

Question 5 of 5 Which body regulates chartered accountants?

ICAI NMC DGCA Bar Council

It was set up in 1949.

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