The time period between when economic conditions change and when policy makers are aware of the change is called the
a. index of leading indicators.
b. administrative lag.
c. recognition lag.
d. impact lag.
C
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The tendency for the values of two variables to move in a predictable and related way is known as
A) a natural experiment. B) a normative relationshi
Allocative efficiency occurs
A) anywhere inside or on the production possibilities frontier. B) when the total cost of production is minimized. C) at all points on the production possibilities frontier. D) at only one point on the production possibilities frontier. E) at the points where the production possibilities frontier crosses the horizontal or vertical axis.
In which year was the poverty rate the lowest?
A. 1960 B. 1973 C. 1984 D. 1993
The ________ of labor in a perfectly competitive labor market is the market wage rate.
A. supply B. marginal cost of a unit C. total cost D. marginal revenue from a unit