What factors must countries with different income levels and political preferences balance when determining the allocative efficiency of environmental regulations?
a. Economic output versus environmental protection
b. Marginal costs versus productive efficiency
c. Productive efficiency versus unproductive inefficiency
d. The value of the past versus the value of the present
a. Economic output versus environmental protection
Depending on their different income levels and political preferences, countries are likely to make different choices about allocative efficiency—that is, the choice between economic output and environmental protection along the production possibility frontier. However, all countries should prefer to make a choice that shows productive efficiency—that is, the choice is somewhere on the production possibility frontier rather than inside it.
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During the antebellum period, rapid economic growth was accompanied by significant changes in public economics and policy-making
Indicate whether the statement is true or false
All of the following are variables that can be manipulated to affect fiscal policy except one. Which is the exception?
a. Personal income taxes b. Government expenditures on goods and services c. Government expenditures on unemployment benefits d. The federal funds rate e. Corporate income taxes