The Time Period Between When Economic Conditions Change and When

question 108

Multiple Choice

The time period between when economic conditions change and when policy makers are aware of the change is called the

• A) index of leading indicators.
• B) administrative lag.
• C) recognition lag.
• D) impact lag.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service compared to what they actually pay.

Consumer Surplus

The difference between the total amount that consumers are willing to pay and the total amount they actually pay.

Bananas

A type of edible fruit produced by various large, herbaceous plants in the genus Musa.

Consumer Surplus

The contrast between how much consumers are ready to pay for a good or service versus what they actually spend.