Which of the following illustrates the effectiveness lag?
A) Policymakers believe an economic downturn has occurred, but they decide not to take action until they are sure.
B) Policymakers are in the process of proposing policy measures to deal with the current economic slowdown.
C) Policymakers first learn of the recession when it is five months old.
D) Policymakers implement policy X, but it will be a few months before it starts working.
E) Policymakers agree to policy X, but it will be at least two months before the policy is implemented.
D
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Which of the following economists rejected the notion that economic growth was caused by the evolution of commercial society?
A) Adam Smith B) Paul Heyne C) Karl Marx D) All of the above. E) None of the above.
Refer to Figure 13-9. Which of the graphs in the figure depicts a monopolistically competitive firm that is earning economic profits?
A) Panel A B) Panel B C) Panel C D) Panel A and Panel B