Which of the following would be described as the administrative lag?
A. The time required to get a particular plan implemented with the money put into peoples' hands.
B. The time required to agree upon a policy remedy for a recession.
C. The time required to get the people to spend the money returned to them through tax cuts.
D. The time required to know that there is a recession.
Answer: B
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Use the figure below to answer the following question. 
Which graph shows the immediate period for supply?
A. graph 1 B. graph 2 C. graph 3 D. graph 4
Explain how the availability of substitutes affects demand elasticity
What will be an ideal response?
The deleveraging of financial institutions led to the financial crisis of 2007-2008 sometimes also referred to as the _____
a. stock crisis b. debt crisis c. stock market bubble d. bank run e. credit crisis
Suppose that when a perfectly competitive firm produces 500 units of output a day, it earns an economic loss. If the price of each unit of output is $1.50, then, in the short run, it's clear that this firm:
A. should shut down. B. is not maximizing its profit. C. should produce more than 500 units a day. D. should not shut down if its total variable cost is less than $750.