Which of the following statements is incorrect?
a. Demand and supply curves for labor are constantly shifting
b. The typical unemployment compensation in the United States is one's full salary for up to 26 weeks.
c. Unemployment compensation decreases the opportunity cost of being unemployed to a worker.
d. Unemployment compensation encourages longer job searches, which may lead to a better match between jobs and employees.
b
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The current chairman of the Federal Reserve System is
A) Ben Bernanke. B) Alan Greenspan. C) President Obama. D) Janet Yellen.
The setting of minimum wages in the U.S. began with the ________
A) Sherman Anti-Trust Act of 1890 B) Garn St. Germain Act of 1982 C) Depository Institutions Deregulation and Monetary Control Act of 1980 D) Fair Labor Standards Act of 1938
Nonlinear price discrimination
A) sets the price consumers pay based on quantity purchased. B) is where the firm sets prices in geometrically or exponentially decreasing price points. C) is used in situations where consumers have no reservation prices. D) eliminates deadweight loss.
RECAP is a type of nudge that stands for:
A. restate, enjoy, and choose alternative products. B. replay, enumerate, and contrast active policies. C. record, evaluate, and compare alternative prices. D. reevaluate, enlist, and compare attractive products.