Suppose the government has enacted policies to influence the amount of good x that is supplied. These policies are most likely to improve the allocation of resources if good x is

Compared to the 1960s, the effectiveness lag is ________ due to ________

A) shorter, changes in fiscal policy B) longer, structural changes in the economy C) shorter, deregulation D) longer, increased sensitivity of consumer spending to interest rates

Economists are concerned with an individual's

A) needs because needs are most important to an individual's well being. B) needs because economists define needs to be the goods people need to survive. C) wants because wants always lead to shortages in the economy. D) wants because the existence of wants leads to scarcity.