The delay between when a problem occurs and when it is recognized is referred to as the
A) recognition lag.
B) action lag.
C) effectiveness lag.
D) policy lag.
A
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In the long run the real interest rate is determined by ________, and in the short-run the Federal Reserve can control the real interest rate by setting the nominal interest rate if inflation adjusts ________.
A. saving and investment; quickly B. the Federal Reserve; slowly C. saving and investment; slowly D. the Federal Reserve; to equal the increase in the money supply
Which of the following statements is true?
A) Capitalism has a tendency to eliminate scarcity. B) Competition could be eliminated if money were abolished. C) Competition is desirable and cooperation is undesirable. D) Greed must be present for a market transaction to be effective. E) None of the above.
Refer to Table 4-4. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $9.50; Q = 420,000 B) W = $9.00; Q = 410,000 C) W = $8.50; Q = 400,000 D) W = $8.00; Q = 390,000
Toddler Treats produces soft cereal bars for toddlers and Toddler Treats states on its packaging and in its advertising that its cereal bars are nut-free. All of the following could be accidents for Toddler Treats except which one?
A) an audit failure B) selling cereal bars that have been cross-contaminated with peanuts C) failing to earn economic profit D) infringing on other company's patent on toddler cereal bars