The selection of a new policy takes place during a period of time known as the _____
a. activity lag
b. decision-making lag
c. effectiveness lag
d. implementation lag
e. recognition lag
b
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In one day, Sue can change the oil on 20 cars or change the tires on 20 cars. In one day, Fred can change the oil on 20 cars or change the tires on 10 cars. Sue and Fred can gain from trade if Sue changes the ________ and Fred changes the ________
A) tires; oil B) oil; oil C) oil; tires D) tires; tires
In perfect competition, as the long run approaches, economic profit will cause
a. the entry of new firms, shifting the market supply curve to the right b. the emergence of powerful monopolistic corporations c. inflation d. technological innovation e. government regulation
In the short run, which of the following is not correct?
a. Increasing the money supply increases the demand for goods and services. b. Increasing the money supply encourages firms to hire more workers. c. Lowering the money supply leads to a higher level of unemployment. d. Policies that encourage higher employment will also induce a lower rate of inflation.
GDP is a good measure of:
A. relative living standards in various countries. B. relative prices in various countries. C. relative welfare in various countries. D. market activities at market prices.