Classify each scenario according to the type of policy lag it illustrates. i. recognition lag
ii. implementation lag
iii. impact lag
a. Economists determine that unemployment has skyrocketed several months after it began to rise.
b. Congress approves a $100 million spending package, but officials need six months to determine which projects to finance.
c. A bill proposing a tax cut is held up in Congress by a filibuster.
d. Congress passes an immediate tax cut for all citizens, but it is another 24 months before GDP starts to climb once again. e. The economy trends downward for two months, but economists are not sure if this signals the start of a recession.
f. Government spending is cut by $100 billion, but inflation persists for another 12 months.

Speedy auto repairs uses a job-order costing system. the company’s direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics’ hourly wages. speedy’s overhead costs include various items, such as the shop manager’s salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the waiting room. the company applies all of its overhead costs to jobs based on direct labor-hours. at the beginning of the year, it made the following estimates: direct labor-hours required to support estimated output 20,000 fixed overhead cost $ 350,000 variable overhead cost per direct labor-hour $ 1.00 required: 1. compute the predetermined overhead rate. 2. during the year, mr. wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. the following information was available with respect to his job: direct materials $ 590 direct labor cost $ 109 direct labor-hours used 6