Describe the effect on gross domestic product, employment, and inflation of each of the following: (a) war, (b) elimination of environmental regulations, and (c) cuts in welfare benefits.
Answer to relevant QuestionsWhat is meant when we say that a public good is indivisible, nonrivalrous, and nonexcludable? What are some of the costs of pollution control? Should we be willing to pay anything and sacrifice everything to eliminate all pollution? Conservatives favor a lesser role for government in the economy, whereas liberals favor a greater role. How would each of these groups feel about a fiscal policy that increases government purchases and income transfers? ...How do you feel about the elimination of the estate tax on extremely high values of inheritance? Why did the Bush administration refer to this tax as a “death tax”? What do you think about some of the specific conservative tax policies and proposals, such as replacing the personal income tax with a consumption tax and reducing the capital gains and dividends tax? Do you think these ...
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