Economic thinking indicates that efficient adaptation strategies to reduce harms from future global warming will
a. focus on reducing overall carbon emissions.
b. emphasize changes like those imposed on prosperous nations by the Kyoto Treaty.
c. focus on reducing the effects of serious problems that we know to exist.
d. ensure that every precaution will be taken to reduce any possible risks for the future.
C
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Over the business cycle,
A) real GDP fluctuates around its trend. B) neither real GDP nor potential GDP fluctuates because they just grow smoothly along their trends. C) only real GDP fluctuates around its trend and potential GDP remains equal to its trend. D) only potential GDP fluctuates around its trend and real GDP remains equal to its trend. E) potential GDP fluctuates around its trend.
The three categories of federal government expenditures, in addition to government purchases, are
A) interest on the national debt, defense spending, and transfer payments. B) defense spending, Social Security, and Medicare. C) defense spending, budgets of federal agencies, and transfer payments. D) interest on the national debt, grants to state and local governments, and transfer payments.
In the real world, the K/Y ratio
A) is much higher in rich countries than in poor countries. B) is much lower in rich countries than in poor countries. C) is roughly equal across rich and poor countries. D) cannot be properly compared except between countries of similar income levels.
Resources can be divided into _______
A. people, money, and machines. B. savings, spending, investment, and capital. C. human resources, technology, and government. D. natural resources, labor, capital, and entrepreneurial ability. E. income, interest, and expenditure.