The precautionary principle is most likely to be applied when some impacts
a. Involve option values
b. Are irreversible
c. Are converted to present values
d. Are estimated using the avoided cost approach
e. Involve indirect use values
Ans: b. Are irreversible
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The funds paid to the government today for Social Security taxes are
A) invested to provide for the future benefits of the taxpayers. B) saved to ensure sufficient resources in the future to pay the benefits of workers today when they reach retirement age. C) used by the government to purchase goods and services that will enhance the future productivity of business in the country. D) used to pay the benefits of those who are currently retired.
Inflation is defined as an increase in:
a. all consumer products. b. real GDP. c. the average price level. d. real wages of workers.