Summarize the anti growth view of economic growth.
What will be an ideal response?
In the anti growth view, concern with environmental deterioration leads the list because unchecked growth can cause many spillover costs. Economic growth alone does not seem to solve socioeconomic problems, such as poverty, homelessness or discrimination. In fact, it seems to worsen them in some instances. Rapid growth may also lead to new anxieties and new sources of insecurity for people who find their skills obsolete and jobs threatened. Finally, there is concern that high rates of growth are not sustainable and may lead to the degradation and exhaustion of the earth’s resources.
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In the above figure, the short-run aggregate supply curve is SAS1. Suppose that the price level in the economy increases. As a result there is
A) an upward movement along SAS1. B) a downward movement along SAS1. C) a shift to SAS0. D) a shift to SAS2.
Use the above table. What will the output level be when external costs are internalized with a tax?
A) 4 B) 5 C) 6 D) 7