The time between the implementation of a fiscal action and when that action affects output, employment, or the price level is called a(n):
a. recognition lag
b. implementation lag.
c. operational lag.
d. administrative lag.
c
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If the opportunity cost of time is ________, and an individual spends ________ commuting every month, his opportunity cost of commute is $100 every month
A) $5 per hour; 10 hours B) $8 per hour; 20 hours C) 10 per hour; 10 hours D) $12 per hour; 5 hours
All the production points that lie ________ the total product curve are attainable and ________
A) above; efficient B) above; inefficient C) below; efficient D) below; inefficient
If currency speculators decide that the value of the dollar should rise in the future relative to the yen, this will increase the demand for dollars and decrease the supply of dollars
Indicate whether the statement is true or false
What would happen in a free market system when production of a good generates negative externalities?
A) There is a shortage of the good. B) There is a surplus of the good. C) The equilibrium quantity of the good is less than the efficient amount. D) The equilibrium quantity of the good is more than the efficient amount.