The Only Way Employees at Wells Fargo Were Able to Keep

question 84

Multiple Choice

The only way employees at Wells Fargo were able to keep their jobs was to meet a quota set by the company.To meet this quota they were required to set up a certain number of new banking and credit card accounts.Which of the following statements is false:

• A)5,300 employees set up fake accounts so they would meet their quotas
• B)collectively,employees set up more than 1.4 million fake accounts generating $2.4 million in fees
• C)the 5,300 employees involved in the scam got a warning but kept their jobs
• D)bank had to pay more than $500 million in fines and other costs

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Definitions:

Decision Lag

The time taken between identifying an economic issue and the implementation of policy to address it.

Progressive

In the context of taxation, it refers to a tax system where the tax rate increases as the taxable amount increases, often aimed at reducing income inequality.

National Debt

The total amount of money that a country's government has borrowed, through various means, and has yet to repay.

Recognition Lag

Recognition Lag is the time it takes for policymakers to identify an economic problem.