The Long and Variable Lag Before a Policy Influences the Economy

question 86

Multiple Choice

The long and variable lag before a policy influences the economy makes the job of economic forecasters:

• A) impossible.
• B) easier.
• C) less important.
• D) more important.

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Definitions:

Triplett

Refers to Norman Triplett's early social psychology experiment that identified the phenomenon of social facilitation, where the presence of others enhances performance on simple tasks.

Synergy

The interaction or cooperation of two or more organizations, substances, or other agents to produce a combined effect greater than the sum of their separate effects.

Mere-Effort Model

A theory suggesting that the mere effort of trying to achieve something can enhance the motivational value of the goal.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically showing improvement on tasks.