When we say the cost of living has gone down, we mean that, looking broadly over a range of goods and services:
A. a dollar buys less today than it used to buy.
B. a dollar buys more today than it used to buy.
C. a dollar buys the same today as it used to buy.
D. our income has increased to match the cost of those goods.
B. a dollar buys more today than it used to buy.
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An implementation lag is the time it takes: a. for policy makers to decide what to do
b. for the chosen policy to have its full impact on the economy. c. to identify trouble in the economy and to assess its severity. d. to put a selected policy into action. e. before a policy's effects on the economy are noticed by ordinary people.
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