5. Label each of the following scenarios as an example of a recog- nition lag, administrative lag, or operational lag. LO13.5 a. To fight a recession, Congress has passed a bill to increase infrastructure spending-but the legally required environ- mental-impact statement for each new project will take at least two years to complete before any building can begin. b. Distracted by a war that is going badly, politicians take no notice until inflation reaches 8 percent. c. Politicians recognize a sudden recession, but it takes many months of political deal making before they finally approve a stimulus bill. d. To fight a recession, the president orders federal agencies to get rid of petty regulations that burden private businesses- but the federal agencies begin by spending a year developing a set of regulations on how to remove petty regulations.

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