Author Question: Other nations had tried economic union in the past, and since adopting a common currency had shown ... (Read 64 times)

mia · **on:** Jun 30, 2018

Other nations had tried economic union in the past, and since adopting a common currency had shown economic benefits for them, the nations of Europe decided to try it too.

Indicate whether the statement is true or false

Question 2

Is there one optimal environmental standard for the entire world? If not, how might using trade barriers to enforce country-specific environmental standards reduce overall well-being?

What will be an ideal response?

apple · **Reply #1 on:** Jun 30, 2018

Answer to Question 1

FALSE

Answer to Question 2

No; because differences in income and preferences make the ideal standards vary by country. Budgets and regulatory efforts are not unlimited, and the pressing problems and environmental resources that need protection are not the same. Countries will likely have different priorities. If one nation tries to impose its standards on another, this may actually reduce global well-being. If resources and opportunities are different, so are the opportunity costs. One answer doesn't fit all.