Which of the following scenarios is an example of a transmission lag?

1--The economy enters a deep recession and Congress passes spending on public works that will take years to plan for and build.

2--The economy enters a deep recession on the same day that new quarterly data show positive economic growth.

3--The economy enters a deep recession, and Congress takes two months to approve an extensive tax cut bill.

Which of the following scenarios is an example of a data lag?

1--Policymakers obtain relevant economic data months after a recession has already begun.

2--A new law requires that all new spending bills go through at least one month of debate before receiving a congressional vote.

3--In response to a recession, Congress passes a spending bill for interstate highway upgrades that will take years to plan and complete.