The time which elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as an:______
A. Budget lag
B. Recognition lag
C. Operational lag
D. Administrative lag

It is the delay of the time period between the economic shock , like the bust , or sudden boom , when identified by an economist , government or the central bankers , is known as recognition lag .

The two major factors are the response lag and implementation lag .

Hence , from the question ,

The correct term for the given statement is recognition lag .

The time which elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as an:______ A. Budget lag B. Recognition lag C. Operational lag D. Administrative lag

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The time which elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as an:______
A. Budget lag
B. Recognition lag
C. Operational lag
D. Administrative lag