An outside lag is:
A. a lag in implementing policy.
B. the period of time it takes for policies to work.
C. a policy aimed at increasing GDP.
D. a policy aimed at reducing GDP.
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 24 for the last pound of mangos purchased and 10 for the last pound of bananas
To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only mangos.
The tools of demand-side macroeconomic policy are the money supply and prices.
Answer the following statement true (T) or false (F)
Rent-seeking behavior is limited to those industries that lobby for government help in preserving monopoly powers.
Answer the following statement true (T) or false (F)