The time it takes to collect and process data is the biggest source of which lag?
A) implementation lag
B) recognition lag
C) government lag
D) impact lag
Ans: B) recognition lag
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The exchange rate regime that is best for most nations
A) is unclear. B) is fixed exchange rates. C) is floating exchange rates. D) is a mixture of fixed and floating regimes.
The aggregate money demand depends on
A) the interest rate. B) the price level. C) real national income. D) the interest rate, price level, and real national income. E) the price level and the liquidity of the asset.
To an economist, scarcity means that:
a. it is very time-consuming to find a good. b. at a zero price, the available quantity of a good is insufficient to meet people's wants. c. a good is unavailable even at very high prices. d. at the current market price, the amount available is less than the amount that people want and are willing to pay for. e. resources are unlimited but people's desires are limited.
Bubba is a shrimp fisherman who can catch 4,000 pounds of shrimp per year. Bubba is considering hiring his cousin Bobby to work for him. Bobby can catch 3,000 pounds of shrimp per year. If Bubba hires Bobby, what will be the total output of his shrimp business?
a. 7,000 pounds b. 3,500 pounds c. 3,000 pounds d. 1,000 pounds