The amount of retirement income that employees would receive upon retirement is specified under a defined benefit plan (APERS). A defined contribution plan merely stipulates how much each party—the employer and the employee—puts into the retirement account of the employee.
<h3>What is the difference between defined benefit and defined contribution plan?</h3>
- For each participant in a defined-benefit pension plan, employers finance and guarantee a certain amount as retirement benefits.
- As the participant defers a percentage of their gross pay, defined-contribution plans are largely supported by the employee. Employers may decide to match the contributions up to a specific level.
- The responsibility of saving and investing for retirement has been put on employees as a result of the switch to defined-contribution plans.
- The 401(k) is the preferred defined-contribution plan (k).
- Companies have a consistent preference for defined-contribution plans over defined-benefit plans.
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The correct answers are C.) and D.)
(B) Your friend gets more utility from yoga class, as his preference is revealed by his actions.
<h3>
What is utility?</h3>
- The utility is a concept in economics that is used to model worth or value.
- Its application has changed dramatically over time.
- Moral philosophers such as Jeremy Bentham and John Stuart Mill first used the term as a measure of pleasure or happiness as part of their utilitarianism theory.
- Within neoclassical economics, which dominates modern economic theory, the word has been altered and reapplied as a utility function that expresses a single consumer's preference ordering over a choice set but is not comparable across individuals.
- Because this idea of utility is personal and dependent on choice rather than pleasure received, it is more rigorously described than the original concept, but it is less useful (and disputed) for ethical decisions.
Therefore, (B) Your friend gets more utility from yoga class, as his preference is revealed by his actions.
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Complete question:
Your gym offers two classes at the same time: weightlifting and yoga. Both classes are included in your membership, and have slots available for new members. Your friend tells that you he wants to work on his strength and take the weightlifting class, but you always see him in yoga class. Which class gives him more utility, and how would you know?
A. Your friend gets more utility from the weightlifting class, as he verbally states his preference for that class.
B. Your friend gets more utility from yoga class, as his preference is revealed by his actions.
C. Your friend gets more utility from yoga class, as he verbally states his preference for that class.
D. Your friend gets more utility from weightlifting class, as his preference is revealed by his actions.
Answer:
A
Explanation: for an agreement to occur, an offer must be made by the offeror and must be accepted by the offeree
