In the production function Real GDP = T (L, K), the T represents the tax coefficient

The lag in realizing that a macroeconomic problem exists is called

A) the recognition lag. B) the implementation lag. C) the impact lag. D) the market lag.

The key explanation for the prevalence of waterway pollution is

a. the inclusion in production of all costs involving use of the waterway. b. that there are private costs but no costs to society. c. that waterways are often an open access, commonly owned resource. d. that waterways are subject to the market's normal control procedures.