When it takes time for the president and Congress to change fiscal policy to act on economic data, we have a(n)
A. aggregate time lag.
B. action time lag.
C. recognition time lag.
D. effect time lag.
Answer: B
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Which of the following would most likely be defined as a final good?
A) a computer tablet B) wheat C) iron ore D) lumber
The total willingness to pay for public restrooms in a city is given in the table below:
Number of Restrooms Total willingness to pay 1 $208,000 2 $199,000 3 $150,000 4 $85,000 If the marginal cost of building a public restroom is $208,000, how many restrooms will be built? A) 1 B) 2 C) 3 D) 4
The largest single transfer program at the federal level is unemployment insurance.
Answer the following statement true (T) or false (F)
Suppose the price of gold is initially 300 U.S. dollars per ounce in New York and 450 Canadian dollars per ounce in Toronto, Canada. If the law of one price holds for gold, the nominal exchange rate is ________ Canadian dollars per U.S. dollar. If Canada experiences inflation, such that the price of gold rises to 510 Canadian dollars per ounce, but the U.S. does not experience any inflation, the nominal exchange rate would be ________ Canadian dollars per U.S. dollar.
A. 0.67; 0.59 B. 1.70; 1.50 C. 0.59; 0.67 D. 1.50; 1.70