The time it takes policy makers to see that the economy is going into a recession or an inflation is known as the recognition lag.
Answer the following statement true (T) or false (F)
True
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The price in a contestable market is similar to that in a perfectly competitive market because
A) there are barriers to entry. B) there are no barriers to entry. C) there are many firms in the market. D) the firm can earn an economic profit in the long run.
According to historian Charles Beard's analysis and interpretation, the Constitution was
(a) divinely inspired. (b) strongly favored by the vast majority of the colonists. (c) influenced by the economic self-interest of the delegates to the Constitutional Convention. (d) of little importance to future economic growth.
If free international trade opens up and a country has a comparative disadvantage in sugar production, we should expect
a. greater sugar consumption in that country b. higher sugar prices in that country c. greater sugar production in that country d. lower sugar prices in sugar-exporting countries e. greater sugar consumption in sugar-exporting countries
The substitution effect is
A. always greater than the income effect. B. always less than the income effect. C. sometimes less than the income effect. D. never greater than the income effect.