The ____ Lag Is the Time from When an Economic

question 28

Multiple Choice

The ____ lag is the time from when an economic problem arises until it is recognized.

• A) Recognition
• B) Adjustment
• C) Implementation
• D) none of the above

---

Definitions:

Apparent Authority

Apparent Authority deals with the perception by a third party that an agent has the power and authority to act on behalf of the principal, even if such authority hasn't been explicitly granted.

Time

In a general sense, it refers to the continued sequence of existence and events occurring in an irreversible succession from the past, through the present, to the future.

Principal

In law, the person who authorizes another (the agent) to act on their behalf.

Express Authority

Power explicitly granted to an agent or representative by a principal, through written or spoken words, to act on their behalf.