The ________ lag for fiscal policy requires changes in congressional-approved spending and tax programs.
A. recognition
B. response
C. implementation
D. reorganization
Answer: C
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Suppose a small regional airport is served by one of the major airlines, and a new low-cost airline enters the market
If the major airlines cuts its air fares in this market to levels that are below its marginal cost in response to the other firm's entry, then the major airline may be engaging in A) parallel conduct. B) parallel pricing. C) predatory pricing. D) unlawful collusion.
A reaction function is
A) companies colluding in order to make higher than competitive rates of return. B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry. C) a game in which firms will not negotiate in any way. D) when plans made by firms are known as game strategies.
When analyzing public sector decision making, economic theory assumes voters, politicians, and government officials will
a. respond to changes in personal benefits and costs when making public sector choices. b. always pursue the public interest even when it conflicts with their private interests. c. generally ignore the personal costs and benefits associated with their choices. d. make decisions that seek to maximize the amount of benefits created for society as a whole.
Answer the following statement(s) true (T) or false (F)
1. A budget surplus occurs if the amount of government spending is greater than the amount of tax revenues during a fiscal year. 2. The term "full employment" means that the unemployment rate is equal to zero. 3. Contractionary policies stimulate the economy to grow. 4. If the European economy is booming and US exports increase, aggregate demand (AD) increases. 5. Efficiency wages, a Keynesian theory of unemployment, posits that wages higher than the equilibrium wage are a cause of unemployment.