What are the three types of monetary policy lags?
A) the recognition lag, the identification lag, and the implementation lag
B) the recognition lag, the inflation lag, and the impact lag
C) the recognition lag, the implementation lag, and the government lag
D) the recognition lag, the implementation lag, and the impact lag
Ans: D) the recognition lag, the implementation lag, and the impact lag
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The law of diminishing returns
a. explains why marginal cost eventually increases as output expands. b. implies that average fixed cost will remain unchanged as output expands. c. is true for physical production activities but not for activities such as studying. d. applies to a capitalist economy but would be irrelevant if the means of production were owned by the state.
Economic growth can best be portrayed as a:
A. leftward shift of the production possibilities curve. B. movement from a point near the vertical axis to a point near the horizontal axis on the production possibilities curve. C. movement from a point inside to a point outside of the production possibilities curve. D. rightward shift of the production possibilities curve.