Describe the two main categories of responses to global climate change.
What will be an ideal response?
The two categories are adaptation and mitigation. Adaptation is the alteration of consumer and business behavior to reduce the damage from global climate change (perhaps through changing prices), while mitigation includes policies to significantly reduce emissions of greenhouse gases.
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"When electric utilities are regulated using an average cost pricing rule, they will earn zero economic profit." Is the previous statement correct or incorrect? Why?
What will be an ideal response?
Which of the following would be included in the consumption component of GDP?
a. Movie ticket sales b. Purchase of a new home c. Purchase of used clothes d. Purchase of a baseball card collection at a yard sale e. Purchase of a chain saw at an auction
Deficit financing tends to change the mix of output in the direction of more
A. Business sector goods. B. Public sector goods. C. International sector goods. D. Private sector goods.
In a two-period model, holding everything else constant, an increase in current taxes
A) unambiguously increases the current account surplus. B) unambiguously decreases the current account surplus. C) has an uncertain effect on the current account surplus. D) has no effect on the current account surplus, as long as Ricardian equivalence holds.