________ refers to the time needed to identify a macroeconomic problem and assess its seriousness
a. Decision-making lag
b. Implementation lag
c. Recognition lag
d. Effectiveness lag
c
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Total utility is maximized when the ________ for all goods
A) marginal utility per dollar spent is equal B) marginal utilities are zero C) marginal utilities are maximized D) marginal utilities are negative
The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise. After each player chooses his or her best strategy and sees the result
A) only Bob would like to change his decision. B) neither player would be willing to change his or her decision unless the other player also changes his or her decision. C) if Jane does not change her decision, Bob would like to change his. D) if Bob does not change his decision, Jane would like to change hers.
The fastest growing economy between 1870 and 1979 was
a. the United Kingdom. b. the United States. c. Japan. d. Brazil.
If a firm can vary all of its factors of production, it is operating in
A. the long run. B. the short run. C. equilibrium. D. the immediate run.