A lack of understanding regarding the current state of the economy creates:
A. an information lag.
B. a formulation lag.
C. an implementation lag.
D. a direction lag.
A. an information lag.
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Which of the following statements is correct about the extent of disagreement among economists?
a. There is a great deal of agreement among economists on virtually every economic issue. b. There is a great deal of agreement among economists on many important economic issues. c. All disagreements among economists are attributable to differences in their values. d. All disagreements among economists are attributable to the fact that different economists have different degrees of faith in the validity of alternative economic theories.
Answer the question on the basis of the following data. All figures are in billions of dollars. Personal Taxes 40 Social Security Contributions 15 Taxes on Production and Imports 20 Corporate Income Taxes 40 Transfer Payments 22 US Exports 24 Undistributed Corporate Profits 35 Government Purchases 90 Gross Private Domestic Investment 75 US Imports 22 Personal Consumption Expenditures 250 Consumption of Fixed Capital 25 Net Foreign Factors Income 10 Statistical Discrepancy 0 Refer to the above data. DI is:
a) $284. b) $329. c) $274. d) $402.
Lauren makes $150 a day as a bank clerk. She takes two days off work without pay, to fly to another city to attend the concert of her favorite band. The cost of transportation and lodging for the trip is $250. The cost of the concert ticket is $50. The
opportunity cost of Lauren's decision to attend the concert is: A. $600 B. $450 C. $300 D. $250
Drug companies tend to attribute higher drug prices on
A. pharmacies charging too much for drugs. B. the low percentage of attempts that actually result in revenue producing drugs and pharmacies that charge too much for drugs. C. the low percentage of attempts that actually result in revenue producing drugs. D. doctors distributing too many free samples.