The Time Between Which an Economic Shock Is Recognized and When

question 139

Multiple Choice

The time between which an economic shock is recognized and when the government passes a plan to carry out a policy response is called a(n)

• A) recognition lag.
• B) legislative lag.
• C) effectiveness lag.
• D) adjustment lag.

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Definitions:

Unitary Systems

A form of government where a single central authority has the ultimate power, with any administrative divisions (if they exist) subservient to it.

Confederal Systems

Political structures in which states or regions retain considerable independence and powers, with the central government exercising only limited authority, primarily in foreign affairs and defense.

Dual Federalism

A governmental system where authority is split between national and state levels as per explicitly outlined terms, with state authorities implementing their designated powers without obstruction from the national government.

Cooperative Federalism

A concept of federalism in which national, state, and local governments interact cooperatively and collectively to solve common problems, rather than making policies separately.