The period between the implementation of a policy and its intended result is known as
A. the recognition time lag.
B. the political action lag.
C. the data lag.
D. the effect time lag.
Answer: D
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The relationships between elasticity and total revenue hold because
A. total revenue equals price divided by quantity demanded. B. total revenue equals price times quantity demanded. C. a drop in price has two opposing effects on the two components of the formula. D. both b and c are true.
Unemployment insurance is a part of
A. stabilization policy. B. growth policy. C. right to work laws. D. social security.
When both internal and external costs for using a scarce resource are included, then there is
A) an increase in the production of the good. B) a negative externality. C) an increase in the price of the good. D) a positive externality.
Which of the following is NOT a government response to asymmetric information?
A. manufacturer's warranties B. liability laws C. social regulation D. government licensing