The amount of time that it takes to identify a national economic problem is
A. fiscal policy.
B. the recognition time lag.
C. the effect time lag.
D. the action time lag.
Answer: B
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The questions of what type of public goods to produce, and how much to produce, are resolved:
a. in product markets. b. in resource markets. c. in private clubs. d. through public choices.
One timing problem in using fiscal policy to counter a recession is the "recognition lag" that occurs between the:
A. Start of the recession and the time it takes to recognize that the recession has started B. Start of a predicted recession and the actual start of the recession C. Time fiscal action is taken and the time that the action has its effect on the economy D. Time the need for the fiscal action is recognized and the time that the action is taken
Relative growth rates of the standard of living in the United States and Europe indicate that workers in ________ have chosen to "spend" ________ of their higher productivity on leisure rather than on consumption of market goods and services
A) Europe, a significant part B) the United States, a significant part C) Europe, almost none D) the United States, almost all
The most desirable rate of output for a firm is the output that
A. Maximizes total revenue. B. Minimizes marginal costs. C. Maximizes total profit. D. Minimizes total costs.