Related to the Economics in Practice on p. 466: A recent study by economists at Yale University and the University of Chicago suggests that changing retirement plan enrollment options from a(n) ________ system to a(n) ________ system increased pension plan enrollment after three months of work from 65 percent of workers to 98 percent of workers.
A. mandatory; voluntary
B. voluntary; mandatory
C. "opt-out"; "opt-in"
D. "opt-in"; "opt-out"
Answer: D
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A voluntary production reduction program:
A. offers firms incentives to reduce their production voluntarily. B. forces firms to reduce their production. C. offers firms incentives to increase their production voluntarily. D. forces firms to increase their production.
The ability to make counteroffers transforms bargaining from a game in which ________ trumps everything to a game in which ________ is the winning strategy.
A. first-mover advantage; patience B. patience; first-mover advantage C. commitment strategy; self-interested behavior D. first-mover advantage; cooperation
When the consumption of one good does not preclude another person from consuming the same good, then there is __________ in the consumption of the good
a. nonrivalry b. rivalry c. exclusivity d. nonexclusivity e. merit
During the financial crisis of 2007-2009, the deposit expansion multiplier plummeted to a fraction of its normal value. Why?
What will be an ideal response?