What do the legislative and implementation lags have in common?
A) They are both more important for monetary than fiscal policy.
B) They are both more important for fiscal than monetary policy.
C) They are both harder to measure but less variable than the effectiveness lag.
D) They both take place before the data and recognition lags.
E) none of the above
B
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In the long run, perfectly competitive firms make zero economic profit (their owners earn a normal profit) because
A) any economic profit would attract newcomers to the industry. B) the firms are incompetent. C) any economic loss would increase the demand for the good, thereby raising its price. D) there are many buyers and sellers.
Suppose real GDP is currently $12.5 trillion and potential real GDP is $13 trillion. If the president and Congress increased government purchases by $500 billion, what would be the result on the economy?
. What will be an ideal response?
Variable inputs are defined as any resource that:
a. varies with the size of the firm's plant. b. cannot be changed as output changes. c. can be changed as output changes. d. can be increased or decreased hourly.
When marginal cost is rising, average total cost is rising
Indicate whether the statement is true or false