The Time Required to Collect Information About the Current State

question 66

Multiple Choice

The time required to collect information about the current state of the economy is known as

• A)the recognition time lag.
• B)the action time lag.
• C)the effect time lag.
• D)the fiscal lag.

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Definitions:

Causation

The act or process whereby one event, process, or state (a cause) leads to the production of another event, process, or state (an effect).

Positive Economic Statement

A statement that can be proved or disproved by reference to facts.

Normative Economic Statement

A subjective statement that expresses an opinion or a value judgment about what ought to be, rather than what is.

Can Be Verified

Indicates that a certain piece of information, claim, or data can be checked and confirmed for accuracy or truthfulness.