The legislative lag represents
A) the time it takes for policy makers to obtain data indicating what is happening in the economy.
B) the time it takes for policy makers to be sure of what the data are signaling about the future course of the economy.
C) the time it takes to pass legislation to implement a particular policy.
D) the time it takes for policy makers to change policy instruments once they have decided on the new policy.
E) the time it takes for the policy actually to have an impact on the economy.
C
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If aggregate expenditure is less than GDP, how will the economy reach macroeconomic equilibrium?
a. Inventories will decline, and GDP and employment will decline. b. Inventories will rise, and GDP and employment will decline. c. Inventories will decline, and GDP and employment will rise. d. Inventories will rise, and GDP and employment will rise.
When Hughes and Cain (2011) say that workers lacked an "economic identity" until the middle decades of the 19th century, they mean all of the following except
(a) Earlier in U.S. history, most adults were self-employed and, therefore, did not think of themselves as having common interests with laborers possessing views that workers should position themselves against employers. (b) Earlier in U.S. history, production was carried out in shops within the guild structure. The tight relationships among apprentices, journeymen, and master encouraged workers to think of themselves as sharing interests with employers. (c) The establishment of the factory system and its large size increased the net benefits of separating the interests of the workers and employers. (d) Earlier in U.S. history, the laws forbade workers from organizing to promote their own interests and, therefore, labor could not achieve a recognized identity.
Refer to Scenario 10.2. What is the profit maximizing level of output?
A) 0 B) 90 C) 95 D) 100 E) none of the above
When economists talk about a barrier to entry, they are referring to
a. a factor that makes it difficult for potential competitors to enter a market. b. the opportunity cost of equity capital that is incurred by a firm producing at minimum total cost. c. the downward-sloping portion of the long-run average total cost curve. d. the declining output experienced as additional units of a variable input are used with a given amount of a fixed input.