An implementation lag is the time it takes:
a. for policy makers to decide what to do
b. for the chosen policy to have its full impact on the economy.
c. to identify trouble in the economy and to assess its severity.
d. to put a selected policy into action.
e. before a policy's effects on the economy are noticed by ordinary people.
d
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If the utility function (U) between food (F) and clothing (C) can be represented as U = , the marginal utility of food equals
A) . B) . C) 1/2 . D) 1/2 .
The combined use of statistics, economic theory, mathematics, and "real world" data is referred to as
a. microeconomics b. econometrics c. macroeconomics d. positive economics e. normative economics
Output Total Cost015125233340448558670
Refer to Table 5.5. The firm experiences diminishing returns beginning with the ________ unit.
A. first B. second C. third D. fourth
The average propensity to save (APS) is
A. the percentage of real disposable income saved. B. the percentage of additional real disposable income that will go toward real saving. C. the rate at which real savings changes over time. D. the difference between the amounts of real disposable income consumed and saved.