Identify and Explain the Three Lags Associated with the Implementation

question 20

Essay

Identify and explain the three lags associated with the implementation of fiscal policy.

---

Definitions:

Mao Tse-tung

A Chinese communist revolutionary who became the founding father of the People's Republic of China in 1949, serving as its chairman until his death.

Chinese Economy

The economic system of the People's Republic of China, known for its rapid growth, manufacturing base, and significant role in global trade.

Per Capita GDP

The gross domestic product of a country divided by its population, reflecting the average economic output per person.

Less Developed Countries

Nations with lower living standards, undeveloped industrial bases, and low Human Development Index (HDI) relative to other countries.