The level of potential output in the United States increases as the
A) supply of labor decreases. B) demand for labor decreases.
C) supply of labor increases. D) stock of capital decreases.
C
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The recognition lag refers to the: a. time taken for changes in the money supply to be translated into changes in realGDP
b. time taken by policymakers to formulate an appropriate policy to solve aneconomic problem. c. time taken by policies to have an impact on the different macroeconomic variables. d. time taken by policymakers to recognize that an economic problem exists. e. natural difference between monetary policy timing and fiscal policy timing.
A price taker is a buyer or a seller who:
A. takes the market price as given. B. buys or sells only at a price where profits can be made. C. accepts whatever price that the government legislates as the price of the good or service. D. has the ability to influence the equilibrium price in the market.