When the demand and supply of grapes both increase by the same magnitude, we can predict that the:
a. price of grapes will not change.
b. quantity of grapes exchanged will fall.
c. quantity of grapes exchanged will rise.
d. Both a. and c. are correct.
Question 2
Which of the following is true about time lags and fiscal policy?
a. Changes in federal taxes can be implemented easily by the President without the approval of Congress.
b. Changes in fiscal policy that involves changes in government spending on public works projects do not involve significant time lags.
c. Once an appropriate fiscal policy has been determined it can be implemented quickly.
d. The lag time between when a fiscal policy is needed and when it is actually implemented is considerable.
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