Question

Q17. The ____ is the time it takes elected representatives to write-up, debate, and enacts stimulus.

executive lag, legislative lag, judiciary drag, administrative gag

Q19. If Nigeria erected trade barriers to protect their new & growing technology sector, they would probably defend that action by making the ____ industry argument.

embryonic, growth, elderly, infant

Q21. A/an ____ contributes to a growing budget deficit.

growing economy, baby boom, growing trade deficit, aging population

Q28 The best way to track federal spending is by ____ GDP.

real, percentage of, nominal, absolute

Answer 1

Answer 17; Administrative Lag.

Administrative Lag refers to the time it takes by the elected representatives to write-up, debate and enact stimulus. The entore process of policy making has to go through rigorous debates, analysis and write up of the final policy formulated after discussions. This type of lag is known as Administrative Lag.

Answer 18; Infant

When a country imposes barriers to trade such as imports of various goods to protect it domestic sector which is new and growing, then it is known as Infant Industry Argument.

Answer 21: trade deficit

As trade deficit in the economy increases, the government will have to spend money to finance this deficit in an open economy and this increases government expenditure which leads to budget deficit of the government.

Answer 28: Nominal

The best way to track federal spending is by Nominal GDP. The nominal GDP helps in tracking the federal spoending in an economy because as government spending increases,nominal GDp will also increase and vice versa.