The Time It Takes for Policy Makers to Obtain Data

question 23

Multiple Choice

The time it takes for policy makers to obtain data indicating what is happening in the economy is called

• A)the data lag.
• B)the recognition lag.
• C)the legislative lag.
• D)the implementation lag.
• E)the effectiveness lag.

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Definitions:

Cost

The amount of money required to produce, purchase, or maintain a product or service.

Markup Percent

The surcharge applied to the acquisition cost of products for covering overhead and making a profit.

Selling Price

The final amount of money charged for a product or service, or the amount the consumer is willing to pay.

Markup Percent

The percentage increase over the cost price of a product to calculate the selling price.