Which of the following pairs of lags are typically shorter for monetary policy than for fiscal policy?
a. The recognition lag and the implementation lag
b. The effectiveness lag and the decision-making lag
c. The decision-making lag and the implementation lag
d. The implementation lag and the effectiveness lag
e. The recognition lag and the effectiveness lag
c
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In the short run a decrease in the costs of production makes
a) output rise and prices fall. b) output and prices fall. c) output and prices rise. d) output fall and prices rise.
The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining:
a. profits in transportation industries as a group. b. profits in railroads compared with canals. c. employment of labor and capital in the transportation sector before and after the railroad. d. inventories of agricultural products held in eastern markets.