An increase in growth rates will cause the production possibilities curve to
A. shift outward.
B. shift inward.
C. become steeper.
D. become flatter.
Answer: A
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A) a decrease; increase in the price level B) an increase; decrease in the price level C) a decrease; increase in the nominal interest rate D) a decrease; decrease in the price level E) an increase; increase in the real interest rate
The time it takes for policymakers to obtain and to understand the data and to change the policy instrument based on that information is known as ________, respectively
A) the data, recognition, and effectiveness lags B) the recognition, data, and effectiveness lags C) the data, recognition, and implementation lags D) the recognition, implementation, and effectiveness lags E) the data, implementation, and effectiveness lags