The modification of manufacturing processes so as to reduce the resulting environmental damage is an endeavor that requires capital investment, labor inputs, and technology. What then follows from this statement?
A) Economic growth can benefit the environment.
B) Environmental damage is a regrettable but necessary side effect of economic growth.
C) The condition of the environment will be better in slower-growing countries.
D) The way to reduce pollution is to educate people about its effects.
A
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In order to increase society's well-being, a process that produces a positive externality might be
a. taxed to discourage production b. subsidized to encourage production c. taxed to encourage production d. subsidized to discourage production e. provided without government intervention
Which of the following schools of economic thought would be against balancing the budget during a recession?
A. The classical school B. Keynesians C. Monetarists D. Supply side economics