What are the lags in fiscal policy that decrease its effectiveness?
a. recognition, execution, and legislative lags
b. recognition, legislative, and completion lags
c. implementation, legislative, and recognition lags
d. implementation, recognition, and completion lags
c. implementation, legislative, and recognition lags
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If the price of suntan lotion increases from $6 to $8 per bottle and quantity demanded decreases from 900,000 bottles to 845,000 bottles, using the midpoint method, what is the price elasticity of demand for suntan lotion?
What will be an ideal response?
A _________ tax is one where those with higher incomes pay a higher share of taxes out of their income than those with lower incomes.
a. flat b. progressive c. proportional d. regressive
A firm operating in a purely competitive resource market faces a resource supply curve that is:
A. perfectly inelastic. B. perfectly elastic. C. highly inelastic. D. highly elastic.
In a perfectly competitive market, if P < MC, then
A. too much output is being produced. B. production is efficient, as the firm is earning profits. C. the firm is paying a price for resources that is too high. D. too little output is being produced.