The time it takes to formulate a policy is known as:
A. fiscal policy.
B. crowding out.
C. inside lags.
D. outside lags.
Answer: C
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If buyers expect the price of a good to fall in the near future, we would expect that to cause the current price and the quantity traded to increase as a result
a. True b. False Indicate whether the statement is true or false
One difficulty of computing the value of GDP is that there are no market prices for
a. exports and imports. b. business investments. c. government goods and services. d. resource values.
For this question, assume that the economy is initially operating at the natural level of output. An increase in consumer confidence will cause
A) a reduction in the real wage in the medium run. B) an increase in the real wage in the medium run. C) no change in the real wage in the medium run. D) ambiguous effects on the real wage in the medium run.
The production of durable goods varies more than the production of nondurable goods because:
A. durables purchases are nonpostponable. B. durables purchases are postponable. C. the producers of nondurables have monopoly power. D. producers of durables are highly competitive.