The period that elapses between the passage of legislation reducing taxes and the time the tax cut is put into effect is called the __________ lag
A) data
B) wait-and-see
C) legislative
D) transmission
D
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The menu cost theory suggests that
A) wages and prices move freely and quickly. B) the economy is characterized only by perfect competition. C) there will be no unemployment. D) firms find frequent price changes to be costly.
Refer to Figure 18.4. With free trade, how many gloves are produced domestically in Duckland?
A) 100 B) 80 C) 60 D) 0
In the one-period model, what do we assume about household preferences?
A) Households prefer more to less. B) Households like money. C) Households dislike taxes. D) Households care about others.
If the consumer's budget constraint is given by 10F + 5S = 100 where F is food and S is shelter, what is the opportunity cost of food in terms of shelter?
A. 2 B. 10 C. 15 D. 5