When government decides to use fiscal policy:
A. It may take time to implement it.
B. the expedited process of approval aids with quick enactment.
C. the information for how much to change taxes is readily available.
D. it always keeps the economy closer to potential GDP than it otherwise would be.
Answer: A
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Cost-benefit analysis requires:
A) choosing the alternative with the least net benefit. B) all costs and benefits to be measured in the same unit. C) evaluating the budget constraint before making a choice. D) that the risks associated with different alternatives are ignored.
Isoquants reflect the fact that in the long run:
a. inputs can be substituted for each other. b. a fixed set of inputs can produce different levels of output. c. inputs used in production are complementary in nature. d. different levels of input can be used to satisfy a budget constraint.