Fiscal policy may not be effective because it takes time for a policy change to affect the economy, known as the ________ lag.
A. recognition
B. implementation
C. impact
D. legislative
Answer: C
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Consider two upward sloping income-utility curves with income on the horizontal axis. The steeper curve represents risk preferences that are more:
A) risk averse. B) risk loving. C) loss averting. D) We cannot answer this question without more information about the shapes of the curves.
A low-income household is usually who?
a. one person living alone b. a family headed by a single parent c. a family headed by a young single female, poorly educated and not working d. all of the above represent most low income households
Under the gold standard, balance of trade deficits (or surpluses) were __________.
Fill in the blank(s) with the appropriate word(s).
The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A