According to the Equal Pay Act of 1963, men and women who work for the same employer must receive the same pay in which of the following situations?
a. When they perform the same amount and type of work
b. When they have been employed for the same length of time
c. When they have the same level of experience and education
d. When they perform similar tasks and have similar responsibilities
a. When they perform the same amount and type of work
According to the Equal Pay Act of 1963, men and women who work for the same employer must receive the same pay when they perform the same amount and type of work.
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The official dating of the most recent recession places its timing as
A) 2007. B) 2007-2009. C) 2008. D) 2008-2009.
Differences in the productivity of labor accounts for comparative advantage if:
a. the minimum wage varies across countries. b. the size of the domestic market varies across countries. c. the labor hours required to produce each good varies across countries d. the strength of workforce varies across countries. e. the laborers are paid different wages in different countries.
Which of the following is not true about the members of the Federal Reserve Board of Governors?
A. They are appointed to fourteen-year terms by the president of the United States. B. They are relatively immune to short-term political pressures. C. They may not be reappointed after serving a full term. D. They each serve as chairman of the Board of Governors on a rotating basis.
Answer the following statements true (T) or false (F)
1. The "hedonic treadmill" of prospect theory suggests that if people's incomes rise and stay at the new higher level, then their feelings of satisfaction also rise and stay at the new higher level. 2. The anchoring effect suggests that when people are made to think of large abstract numbers before they go shopping, many of them will subsequently be willing to pay higher prices for stuff. 3. The endowment effect makes people value things less when they think of those things as their own as opposed to identical things that are not theirs - as in "grass is greener on the other side". 4. "Loss aversion" helps explain why people buy insurance policies with lower deductibles even though the policies are more expensive. 5. The status quo effect suggests that giving people more options is always good for them.