An outside lag is
A) a policy aimed at increasing GDP. B) a policy aimed at reducing GDP.
C) a lag in implementing policy. D) the period of time it takes for policies to work.
D
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Explain how our economic welfare depends upon our level of real GDP per person but there might not be a one-to-one relationship between economic welfare and real GDP per person. Give examples of things that can effect one but not the other
What will be an ideal response?
People complain that inflation increases the cost of goods and services and therefore reduces their purchasing power. If inflation and income grow at the same rate, is this complaint valid? Explain carefully
What will be an ideal response?
In the loanable funds market, an increase in the desire to save is translated into a(n)
a. increase in investment spending and slower growth in the capital stock b. decrease in investment spending and slower growth in the capital stock c. decrease in investment spending and faster growth in the capital stock d. increase in investment spending and faster growth in the capital stock e. increase in investment spending but with no growth in the capital stock
Figure 11-7
For the firm in Figure 11-7, an unregulated monopolist, profit-maximizing output is below the long-run competitive level by how much?
A. 100 B. 75 C. 50 D. 25