In general, the longest lag for
a. both fiscal and monetary policy is the time it takes to change policy.
b. both fiscal and monetary policy is the time it takes for policy to affect aggregate demand.
c. monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time it takes for policy to affect aggregate demand.
d. fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time it takes for policy to affect aggregate demand.
d
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Entrepreneurs contribute to increased average labor productivity in each of the following ways except by:
A. developing new products. B. introducing new production methods. C. assigning workers to jobs. D. implementing new technological processes.
If an economy initially starts away from the steady state ________
A) output will gradually fall over time B) the economy will converge to the steady state in the long-run C) consumption spending must be greater than investment spending D) consumption spending must rise
After the American Revolution, the public domain expanded and the amount of community property held by the federal government grew considerably. If it had stayed community property, there would have been problems, according to Hughes and Cain (2011)
These problems include which of the following? (a) Individuals using it would not have incentive to conserve it or use it wisely. (b) The problem of "free riders" would have been troublesome and resulted in a "free-for-all," which could have ended in violence. (c) Each person faced incentive to overuse the communal rights of others. (d) All of the above.
Answer the following questions true (T) or false (F)
1. Non-price competition refers to actions that attempt to increase the demand for a product or service via product differentiation. 2. Barriers to entry are more likely to be stronger under monopolistic competition than under an oligopoly. 3. The U.S food and fiber system is one of the least regulated industries in the economy.