Question 1
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Refer to Figure 29.1. If policy makers take an action at time
t
2, the impact on the economy will not be at time
t
2 because
◦ economic policies are ineffective.
◦ of the response lag.
◦ of the implementation lag.
◦ of the recognition lag.
Question 2
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Refer to Figure 29.1. If policy makers decide at time
t
2 that the economy is contracting too fast, but the policy changes start affecting the economy at
t
4, then the policy will be
◦ inappropriate.
◦ well timed.
◦ ineffective.
◦ optimal.
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