Which of these terms are used interchangeably?
a. "goods and services" and "inputs"
b. "goods and services" and "factors of production"
c. "inputs" and "factors of production"
d. "land, labor, and capital" and "goods and services"
c
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The time it takes for policy makers to change policy instruments once they have decided on the new policy is called
A) the data lag. B) the recognition lag. C) the legislative lag. D) the implementation lag. E) the effectiveness lag.
At the optimal consumption bundle, the marginal rate of substitution of leisure for consumption is equal to
A) the real wage and the budget line is tangent to an indifference curve. B) minus the real wage and the budget line is tangent to the indifference curve. C) the real wage and the budget line intersects the indifference curve. D) minus the real wage and the budget line intersects the indifference curve.