The time it takes for a policy to influence the economy once it has been enacted is called the: A. effectiveness lag. B. legislative lag. C. recognition lag. D. implementation lag. E. data lag.
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- Determine how the following government policy will move the equilibrium point.Choose the one best optionDuring an economic _______, there is a decline in economic activity, including falling GDP, rising unemployment, and reduced consumer spending. To combat this, governments often implement _______ fiscal policies to stimulate the economy. A) expansion, contractionaryB) downturn, expansionaryC) boom, contractionaryD) recession, expansionary.Suppose, OPEC decides to cut down oil production, causing oil price to go up. a. Explain with the help of an aggregate demand and aggregate supply diagram how price level and potential level of output changes if the government does not take any policy initiatives. b. Now, suppose the government takes policy actions to bring the economy back to its potential level of output. Recommend what possible policies the government can take and explain with the help of a diagram how this will affect your answer in part a.
- Which federal policies have contributed to these trends?Tools ofmonetary policy and fiscal policy?A government is evaluating the effectiveness of a new tax policy. Economists collect data on tax rates, government revenue, and economic growth before and after the policy implementation. They use econometric methods to assess the policy's impact on economic indicators. This application of econometrics primarily serves to:A) Estimate policy impactB) Create new tax lawsC) Design government websitesD) Recruit government staff Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate
- The government runs a large budget deficit (and nothing else changes): a)Inflation stays the same b)Inflation increases c)Inflation decreases d)Can't tellAutomatic stabilizers: A) counteract both recessions and expansions through changes in spending without government action. B) are government programs to employ workers during recessions. C) create government budget surpluses during economic recessions. D) are designed to reduce the price level directly.In your own words, Explain what is BJMP. Write in 200 words.