The period that elapses between the passage of legislation reducing taxes and the time the tax cut is put into effect is called the __________ lag

Which of the following is correct?

a) Sometimes recessions are close together. b) Spending, income, and production do not fluctuate closely with real GDP. c) Recessions have never occurred very close together. d) Economic fluctuations are easily predicted by competent economists.

Which of the following statements about barriers to entry is false?

A) They restrict entry into industries in which positive economic profits are being made. B) They are somewhat lessened by the existence of patents. C) They may be due to legal impediments such as licenses. D) They may be due to a single firm controlling access to a natural resource or production process.