Congress decided to implement a fiscal policy, but argued for weeks about how to do it. Once they agreed on a plan, the president had to deliberate and consult his cabinet members before signing it. This is an example of ______.
a. an impact lag
b. a crowding-out lag
c. a recognition lag
d. an implementation lag
d. an implementation lag
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For many jobs, as wages increase, the quantity supplied of labor increases. This set of facts is evidence that the
A) substitution effect is larger than the income effect and the supply of labor curve is upward sloping. B) income effect is larger than the substitution effect and the supply of labor curve is upward sloping. C) substitution effect is larger than the income effect and the supply of labor curve is backward bending. D) income effect is larger than the substitution effect and the supply of labor curve is backward bending.
In Bangladesh one person can produce 330 pounds of rice or 110 shirts in one year. In Singapore one person can produce 400 pounds of rice or 200 shirts in one year. Which of the following statements is true? a. Singapore has a comparative advantage in the production of rice
b. Singapore has both an absolute and comparative advantage in the production of rice. c. Bangladesh has a comparative advantage in the production of rice. d. Bangladesh has an absolute advantage in the production of rice.
As the term "opportunity cost" is defined in the text, the opportunity cost of going to college includes
a. both tuition and the value of the student's time. b. tuition but not the value of the student's time, which is a cash cost. c. the value of the student's time but not tuition, which is a monetary cost. d. neither tuition nor the value of the student's time, since obtaining a college degree makes one's income higher in the future. e. neither tuition nor the value of the student's time, at least at subsidized state universities.
Figure 33.3 illustrate four different Lorenz curves. Assume Brazil has a larger Gini coefficient than the United States. If the income distribution for the United States is represented by curve C, which curve would must represent the income distribution for Brazil?
A. A. B. B. C. C. D. D.