Economies of scale can result from
A) larger machines.
B) specialization.
C) large purchases.
D) all of these choices.
D
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Assume equilibrium real GDP per year is equal to full-employment real GDP. Which of the following will cause a recessionary gap?
A) a discovery of a new raw material B) a reduction in aggregate demand C) a temporary reduction in the price of oil D) an increase in aggregate demand
The time it takes to pass legislation to implement a particular policy is called
A) the data lag. B) the recognition lag. C) the legislative lag. D) the implementation lag. E) the effectiveness lag.
What does the 45-degree line in the Lorenzo curve model indicate?
a. It shows how the population is distributed in the country. b. It shows the actual distribution of income with the population distribution. c. It divides income distribution in half with population distribution. d. It shows perfect equality between income distribution and population distribution.
A recent example of the recognition lag came in the form of it taking
A. several months in 2003 for Congress to agree on a tax cut package, even after they had agreed on having one. B. until Fall 2001 to recognize that the recession of 2001 had started in January 2001. C. only a month or two from the passage of the 2003 tax cut to the issuance to rebate checks. D. very little time for the effects of the 2003 rebate checks to have an effect on the economy.