The Two New National Programs Aimed at Improving Fuel Efficiency

question 21

True/False

The two new national programs aimed at improving fuel efficiency and reducing GHG emissions are strictly command-and-control with no market-based initiatives.

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Definitions:

Opportunity Costs

The detriment faced for not opting for the immediate next best possibility during decision implementation.

Efficient Market Outcomes

Refers to a situation in markets where all available information is fully reflected in prices, ensuring that transactions do not systematically advantage any party.

Risk-free Ventures

Investments that are assumed to have no risk of financial loss.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.