Suppose that the president of a small island nation has decided to increase government spending by outfitting an expedition to explore the intricate system of underwater caves around the island. the legislation was enacted without any delay. from here, planning will take 6 months and initial scouting will take 2 months. which of the following is true? choose one: a. the planning and initial scouting of the explorers represent a recognition lag of this policy. b. this policy shows an example of automatic stabilizers taking effect. c. this policy is contractionary. d. the laffer curve would be used to recommend this policy. e. the planning and initial scouting of the explorers represent an impact lag of this policy.

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents