Climate change is a geographical phenomenon; it refers to changes in the distribution of climatic events, such as temperature or the likelihood of tornadoes. Why is it important for economists to study climate change?
What will be an ideal response?
Analyzing the economics of climate change is an important step in understanding how to mitigate the effects of climate change. This is because activities that potentially cause man-made climate change are economic in nature and relate to our production and consumption activities. Efforts to reduce man-made climate change will involve economically costly activities, and to determine how to do this optimally requires cost-benefit analysis. Whether we may be able to harness new technologies in order to avoid environmental risks without having to reduce our consumption and production significantly is also related to the economic analysis of technological change.
A-head: ECONOMICS OF CLIMATE CHANGE
Concept: Climate change
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Perfectly elastic demand is represented by a demand curve that
A) is vertical. B) is horizontal. C) has a 45° slope. D) is a rectangular hyperbola.
For a person earning $75000, the marginal tax amount from 40,001 to $75000 is:
A. $5,000
B. $7,500
C. $8,750
D. $14,250
Because local banks earn fees for each loan, their role to:
A. properly assess the risk of each borrower is misaligned with their incentive. B. create not many mortgages perfectly aligns with their incentives. C. provide mortgage loans only to those with low credit scores is misaligned with their incentive. D. properly assess the risk of each borrower is perfectly aligned with their incentive.
Union leaders who focus on increasing the size of their union will generally accept a wage just above the competitive level
a. True b. False Indicate whether the statement is true or false