The Time Between the Policy Decision and the Subsequent Change

question 23

Multiple Choice

The time between the policy decision and the subsequent change in policy instruments is called the

• A)data lag,the time required to collect and analyze data.
• B)effectiveness lag,the time required for the change in money supply to affect real output.
• C)legislative lag,the time required for policymaking body to make decisions.
• D)transmission lag,the time between the change in policy and the change in policy instruments.

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Definitions:

Second Highest Bid

In auctions, it is the bid that ranks immediately below the highest bid, often significant in auction types where the winner pays the amount of the second-highest bid.

Vickery Auctions

A type of sealed-bid auction where the highest bidder wins but pays the second-highest bid price, encouraging true valuation in bids.

Oral Auctions

Public sales where goods or services are sold to the highest bidder through verbal bids, often conducted in real-time with an auctioneer.

Sealed Bid Auctions

A type of auction where all bidders submit their bids without knowledge of the bids offered by other participants, often used in government contracts and private sales.