The time span between recognition of the need for a policy change and the legislation being signed into a law is known as:
a. signal lag
b. implementation lag.
c. impact lag.
d. recognition lag.
b
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The federal budget
A) is required to balance by law. B) can have a surplus but not a deficit. C) can have a deficit but not a surplus. D) can have a deficit or a surplus but cannot be balanced. E) can have a deficit, a surplus, or a balance.
The elasticity of supply equals ________ if the supply curve is vertical
A) 0 B) 1 C) infinity D) -1
Which of the following exemplifies an intangible durable strategy used by firms to prevent competition?
a. Merging with its competitors b. Using brand name or trademark as a reflection of product quality c. Advertising d. Investing in specific assets
New classical economists contend that an unexpected increase in the money supply will:
a. increase the unemployment rate in the short run. b. reduce the unemployment rate in the short run. c. cause no short-run change in the unemployment rate. d. reduce the unemployment rate in the long run. e. increase the unemployment rate in the long run.