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In the terms of practical problems with fiscal policy ____________ lag is the elapsed time between the beginning of a recession or inflation and awareness of this occurrence and ____________ lag is the difficulty in changing policy once the problem has been recognized and the __________ lag is the time elapsed between the change in policy and its impact on the economy.

Suppose the following data represent the market demand for college education: Tuition (per Year) 1000  2,000  3,000  4,000 5,000   6,000   7,000   8,000 Enrollment demanded (in millions) 16 15 14 13 12 11 10 9 If tuition is set at $3,000 and society gets an external benefit of $1,000 for every every enrolled student (for lets say, more informed voting). What is the socially optimal level of enrollments at the tuition price of $3,000? Enter your answer as a numeric value e.g. 15 no need to include any zeros

This table contains data on the social costs and benefits incurred in improving water quality in a lake. Complete the table below, what is the optimal water pollution amount of improving the water quality in a lake.  Enter you answer as a numeric value e.g. 12. Water Pollution (PPM) Total Costs Marginal Cost Total Benefits  Marginal Benefit 45 20 – 120 – 35 25 190 25 35 240 10 65 270 0 100 280  

Select the characteristics below that most closely fit with perfect competition.

True or False. Economists analyze issues and problems with economic theories that are based on particular assumptions about human behavior

The tendency for the market to under produce public goods and overproduce private goods results from:

In the terms of practical problems with fiscal policy ____________ lag is the elapsed time between the beginning of a recession or inflation and awareness of this occurrence and ____________ lag is the difficulty in changing policy once the problem has been recognized and the __________ lag is the time elapsed between the change in policy and its impact on the economy.

Item Billions of Dollars Money Market Mutual Fund Balances Held By Businesses $100 Money Market Mutual Fund Balances Held By Individuals $230 Currency In Banks 12 Currency In Circulation 65 Savings Deposits 55 Large-denominated ($100,000 or more) Time Certificate Deposits 180 Small-denominated ($100,000 or less) Certificate Time Deposits 80 Checkable Deposits $70 Refer to the accompanying table. The value of the money included in M2 but not counted in M1 is (Enter you numeric value with no commas and no dollar signs)

True or False.  The government can encourage innovation guaranteeing intellectual property rights.

Select the characteristics below that most closely fit with perfect competition.