The difference between private cost and social cost is that
A) social cost only considers the external cost borne by society.
B) social cost only considers the cost borne by people other than the producer.
C) private cost only considers the cost borne by producers of the good.
D) social cost also includes any external benefit whereas private cost excludes all external benefits.
E) There is no difference; the terms refer to the same cost.
C
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A private good:
A. is a good for which consumption involves perfect rivalry. B. is completely nonexcludable. C. is often provided by the government. D. imposes a negative externality when it is consumed by any one individual.
In the life-cycle hypothesis, if a person enters working life with an inherited stock of assets, this
A) raises his consumption during the working years. B) raises his consumption during the retirement years. C) raises his consumption in every year. D) lowers his consumption during the retirement years. E) lowers his consumption during the working years.
Except for World War II, the U.S. deficits from 2009 to 2012 were the largest deficits in the nation's history relative to GDP, even larger than during the Great Depression
a. True b. False Indicate whether the statement is true or false
What has happened to resource prices in the twentieth century and what do they reveal about resource scarcity?
What will be an ideal response?