The _____ Lag Is the Time Required to Turn Fiscal

question 335

Multiple Choice

The _____ lag is the time required to turn fiscal policy into law and affect the economy.

• A) information
• B) recognition
• C) implementation
• D) decision

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Definitions:

Comparative Advantage

The capacity of a nation, person, firm, or area to create a product or offer a service at a reduced opportunity cost compared to that of its rivals.

Opportunity Cost

The potential benefit that is given up when choosing one alternative over another.

Comparative Advantage

The ability of a party to produce a particular good or service at a lower marginal cost than others.

Steel

An alloy of iron and carbon, and sometimes other elements, used as a primary material in buildings, infrastructure, tools, ships, automobiles, machines, appliances, and weapons.