President Obama needed to get Congressional approval to enact measures to boost the economy. The time involved to formulate and get approval for these policies are called:
A. inside lags.
B. outside lags.
C. automatic stabilization.
D. crowding in.
Answer: A
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The speculative attack on the British pound in 1967 succeeded because
A) the pound was seriously undervalued relative to the dollar. B) Britain decided to drop out of the Bretton Woods system. C) British exports greatly exceeded British imports, causing a large inflow of gold. D) the Bank of England lacked the international reserves to defend the existing exchange rate indefinitely.
A plastics factory emits water pollutants into a nearby river. The marginal private cost of producing plastics and the marginal external cost of the pollutants are both constant with respect to the quantity of plastics produced
If the demand for plastics is downward sloping, what happens to the socially optimal level of output and market price if the demand curve for plastics shifts rightward? A) Optimal price and quantity increase B) Optimal price increases, optimal quantity remains unchanged C) Optimal price remains unchanged, optimal quantity increases D) Optimal price and quantity remain unchanged
Economic profit is always
A) greater than accounting profit. B) equal to accounting profit. C) less than accounting profit. D) equally likely to be either greater or less than accounting profit.
The federal gasoline tax is an example of:
A. a specific tax. B. an ad valorem tax. C. a lump sum tax. D. an income tax.