The time required to acquire information about the state of the economy is referred to as
A) the action time lag.
B) the recognition time lag.
C) the effect time lag.
D) the data lag.
B
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Jamal maximizes utility by allocating his time among leisure, market work, and household work so that
a. expected marginal utility is equal among all three b. expected total utility per hour is equal among all three c. expected marginal utility per hour is equal among all three d. the maximum amount of goods and services can be acquired e. expected total utility of each use is equal
Taxes that governments place on imported goods for reasons such as protecting sensitive industries, influencing humanitarian practices, and protecting against dumping are called ____________.
a. tariffs b. penalties c. restrictions d. limits
Price controls often hurt those they are trying to help
a. True b. False Indicate whether the statement is true or false
Refer to the accompanying figure.
Suppose Zeynep's budget constraint is initially given by BC1. If her budget constraint shifts to BC2, this could be the result of:
A. a decrease in the price of cheese sandwiches and an increase in the price of ham sandwiches. B. a decrease in the price of cheese sandwiches and an increase in income. C. an increase in the price of cheese sandwiches and a decrease in income. D. an increase in the price of cheese sandwiches and a decrease in the price of ham sandwiches.