The time necessary to put a desired policy into effect once economists and policymakers acknowledge that the economy is in an expansion or a recession is called a(n):
a. recognition lag
b. implementation lag.
c. operational lag.
d. administrative lag.
d
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The above table gives data for a hypothetical nation. Gross domestic product is
A) $4,049 billion. B) $4,079 billion. C) $4,054 billion. D) $4,339 billion.
According to the quantity theory of money, in the long run an increase in the quantity of money creates an increase in the price level but does not increase real GDP
Indicate whether the statement is true or false
When income rises
A) demand for a normal good rises. B) demand for a normal good falls. C) demand for an inferior good rises. D) quantity of a normal good demanded rises.
According to ________, the redistribution of income from the rich to the poor causes an increase in total utility because of the law of decreasing marginal utility.
A. legal precedent B. distributional justice C. utilitarian justice D. the labor theory of value