A recent example of the administrative lag came in the form of it taking
A. several months in 2003 for Congress to agree on a specific tax cut package, even after they had agreed on having one.
B. very little time for the effects of the 2003 rebate checks to have an effect on the economy.
C. only a month or two from the passage of the 2003 tax cut to the issuance to rebate checks.
D. until Summer 2003 to recognize that the recession of 2001 ended in December of 2001.
Answer: A
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The infant-industry argument
a. is based on the belief that protecting industries when they are young will pay off later. b. is based on the belief that protecting industries producing goods and services for infants is necessary if a country is to have healthy children. c. has the support of most economists. d. is an argument that is advanced by advocates of free trade.
A government-inhibited good is one that
A) the political process has determined is socially undesirable. B) the political process has determined is socially desirable. C) freely competitive markets have determined is socially desirable. D) we want to encourage the consumption of.