The Save More Tomorrow (SMarT) program found all of the following except that:
A. people want to save more than they typically do.
B. participants quadrupled their savings in just a couple of years.
C. if the default choice is to save a portion of income, people will save more.
D. people were already saving at an optimal amount, so the program had no effect.
D. people were already saving at an optimal amount, so the program had no effect.
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Consider the market for medical doctors. Suppose the opportunity cost of going to medical school increases for many individuals. Suppose it generally takes about ten years to become a practicing doctor. Holding all else constant, in ten years the equilibrium wage for doctors will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium wage.
Central banks that have a hierarchical mandate with inflation targeting basically are saying:
A. hitting the inflation target comes first, everything else comes second. B. the inflation target is the second most important goal after economic growth, which is always the most important goal for monetary policymakers. C. hitting the inflation target is the only objective. D. hitting the inflation target is the first priority after all other stated objectives are reached.