The lag between the time that the need for fiscal action is recognized and the time action is actually taken is referred to as the
A. spending lag.
B. implementation lag.
C. legislative lag.
D. recognition lag.
Answer: C
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Which of the following is likely to cause a decrease in the natural rate of unemployment?
A) an increase in the percentage of the working-age population receiving disability insurance B) a decrease in the use of temporary workers C) a growing percentage of young workers in the labor force D) generous unemployment insurance benefits
A tax that is imposed on each unit of an imported good is known as a(n)
a. quota b. ad valorem quota c. implicit quota d. tariff e. subsidy
A good is classified as inferior if:
A. consumers buy less when the price rises. B. consumers buy less when income rises. C. consumers buy less when the price falls. D. consumers buy more when income rises.
Bill owns "Bill's Home of Blues" a store that specializes in selling CDs and DVDs of blues musicians of the 1960s and 1970s. Bill took out a loan from his bank to pay for his store and its initial inventory. Bill pays the bank $900 per week for his loan
The $900 bank payment A) is a long-run implicit cost. B) is a fixed cost. C) is a short-run implicit cost. D) is a variable cost.