Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. Suppose it takes policy makers from time t2 to time t3 to see that the economy has started contracting. This is an example of
A. a recognition lag.
B. an implementation lag.
C. a policy lag.
D. a response lag.
Answer: A
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At the level of output where marginal revenue equals marginal cost, price is less than average total cost but greater than average variable cost. In this instance, a profit-maximizing firm should: a. cease production as it is incurring an economic loss
b. continue operating at that output level in the short term, since total revenue will cover all of the firm's variable costs and some of its fixed costs. c. continue operating at that output level in the short term, since total revenue will cover all of the firm's fixed costs and a portion of its variable costs. d. decrease output to where marginal revenue exceeds marginal cost by the greatest dollar amount.
The United States produces ____ of what it consumes, and consumes ____ of what it produces
a. little, little b. little, most c. most, little d. most, most
A _____________ person would rather have a definite lower income than take a risk which entails the same expected value
Fill in the blank(s) with the appropriate word(s).
Refer to Figure 16.3. A shift from AS1 to AS2 could be caused by
A. An increase in immigration restrictions. B. A decrease in tariffs on imported goods. C. An increase in OSHA regulations. D. An increase in environmental regulations.