Which of the following is true about time lags and fiscal policy?
a. Changes in federal taxes can be implemented easily by the President without the approval of Congress
b. Changes in fiscal policy that involves changes in government spending on public works projects do not involve significant time lags.
c. Once an appropriate fiscal policy has been determined it can be implemented quickly.
d. The lag time between when a fiscal policy is needed and when it is actually implemented is considerable.
d
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Refer to the figure below. 
If Row Resorts offers reduced rates, then Column Cruises would receive the highest payoff if it:
A. kept its rates high. B. offered reduced its rates. C. chose either strategy because it will have the same payoff in either case. D. entered into a cartel with Row Resorts and agreed to jointly reduce rates.
The short-run aggregate supply curve can slope upward because
A) prices are fixed in the short run. B) wages adjust immediately to changing economic circumstances. C) producers have misperceptions about the aggregate price level. D) prices adjust instantaneously.
In a market with positive externalities
A) the efficient level of production is less than what competition will obtain. B) the efficient level of production is equal to what competition will obtain. C) the efficient level of production is more than what competition will obtain. D) there cannot be an efficient level of production.
The U.S. economy is relatively open in terms of economic activity related to international trade
a. True b. False Indicate whether the statement is true or false