The time it takes for a new economic policy to affect behavior in the economy is
A. a recognition lag.
B. an implementation lag.
C. a response lag.
D. none of the above
Answer: C
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The deadweight loss due to a ________ is always smaller than the deadweight loss due to a ________
A) tax on each unit sold; per unit tax on each unit bought B) per unit tax on each unit sold; per unit tax on each unit bought C) tax on each unit sold; lump-sum tax D) lump-sum tax; tax on each unit bought
If you go to the movies on Thursday night, the only cost to you is the price you pay for the movie ticket.
Answer the following statement true (T) or false (F)
A decrease in the marginal revenue product of land will: a. decrease the supply of land
b. increase the rental earnings from land. c. increase the price of land. d. decrease the demand for land.
The largest percentage of U.S. national debt to GDP occurred during
A. World War II. B. The Civil War. C. The Great Depression. D. World War I.