The time required for a new fiscal policy to have the desired effect on the economy after implementation is called the
A. political lag.
B. impact lag.
C. recognition lag.
D. decision lag.
B. impact lag.
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Use the following graph of the demand for steak to answer the question below.
Refer to the above diagram and assume that steak is a normal good. Which of the following would shift the demand for steak from D1 to D3?
A. a decrease in consumer incomes B. a decrease in the price of steak C. an increase in consumer incomes D. an increase in the price of steak
If a good has an income elasticity of demand greater than one, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
An increase in wage rate, other things constant, shifts the aggregate supply curve downward
a. True b. False Indicate whether the statement is true or false
What percentage of the world population lives in low-income countries?
a. 10 percent b. 11.8 percent c. 15 percent d. 20 percent