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List and describe three of the five different lags that can occur which may impede the effectiveness of the use of fiscal policy.
Expected Outcome
The anticipated result of an action, decision, or event, based on current knowledge, probabilities, and reasoning.
Utility
In economics, the satisfaction or benefit derived by consuming a product or service.
Insurance Policy
A contract between an insurer and a policyholder in which the insurer agrees to compensate the policyholder for loss or damage specified in the policy, in exchange for premiums paid by the policyholder.
Expected Utility
A theory in economics that calculates the utility expected from risky or uncertain investments, aiming to quantify preferences over risky alternatives.
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