The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)
A. legislative lag.
B. implementation lag.
C. recognition lag.
D. budget lag.
Answer: C
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In a market economy, government decides the answers to the three economic decisions.
Answer the following statement true (T) or false (F)
To deter a potential entrant, an existing firm in a market may threaten to sharply increase production so that the entrant will be left with a small share of the market
The firm can make this threat credible by limiting its own options, and possible actions of this type include: A) signing long-term sales contracts that commit the firm to high levels of output. B) building a very large factory that could potentially produce enough output to meet most of the market demand. C) signing long-term purchase contracts for large amounts of production inputs. D) all of the above
Over the past 50 years in the United States, tax revenues as a percentage of GDP have tended to be in the __________________ percent range
A) 1 to 9 B) 10 to 14 C) 15 to 19 D) 20 to 24 E) 25 to 30
In the production of corn, millions of farmers world-wide are ________, so there is ________ on economic profits to go to zero.
A. oligopolists; pressure B. monopolists; no pressure C. perfect competitors; pressure D. oligopolists; no pressure