What is the essence of the problem of timeliness with fiscal policy?
A. Often there is not enough time to spend all of the money that fiscal policies have authorized.
B. If fiscal policy is enacted too quickly, it might not be very well thought out.
C. In order for fiscal policy to have an impact and prevent a recession, it needs to happen very quickly.
D. The government's budget calendar is very strict and fiscal policy can only be done at certain times in the year.
Answer: C. In order for fiscal policy to have an impact and prevent a recession, it needs to happen very quickly.
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The basic problem addressed in economics is
a. scarce resources and unlimited wants b. scarce wants and unlimited resources c. cost minimization d. how to manage a financial portfolio e. unlimited time and unlimited potential
Two countries that specialize their production along the lines of comparative advantage and then trade with each other will be able to:
A. both produce and consume more. B. produce less and consume more. C. produce more and consume less. D. both produce and consume less.