(Last Word) Participation in company retirement savings programs has increased dramatically because:
A. participation was required by the company.
B. enrollment in these programs was set as the default option and workers had to request to
be unenrolled.
C. not being enrolled in these programs was set as the default options, and people's aversion
to being told what to do prompted many to request enrollment.
D. endowment effects encourage greater saving.V
Answer: B
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An oligopolistic firm that is deciding the price to charge, the output to produce, or the quality of product to offer, must consider
a. the regulatory price limits that are always present with oligopoly. b. the potential reactions of rivals in the market. c. the fact that per-unit costs will usually increase as the scale of production increases. d. that entry barriers into oligopolistic markets are low.
Sadie works at a factory for $15 an hour and typically works 40 hours a week. Sadie gets a pay raise and now earns $20 an hour. She decides to work 45 hours a week at $20 an hour. Her response:
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A philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society
a. free enterprise b. traditional economy c. incentive d. safety net e. socialism
Suppose the wage rate in a certain industry rises, yet firms hire more workers. The best explanation of this is that labor:
A. demand fell. B. demand increased. C. supply fell. D. supply increased.