Social costs are:
A. network costs minus private costs.
B. private costs plus external costs.
C. those costs imposed without compensation on someone other than the person who caused them.
D. external costs minus private costs.
Answer: B
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Social Security is described as a
a. voluntary system because people freely voted for it b. age-based premium system c. employer-based premium system d. pay-as-you-go system e. system whose revenues are generated from sales tax
A budget deficit occurs when tax revenues are less than government spending.
Answer the following statement true (T) or false (F)
The simultaneous occurrence of high inflation and high unemployment is called
A. Reflation. B. Stagflation. C. Depression. D. Deflation.
Which of the following can cause a leftward shift in the aggregate supply curve?
A. Lower marginal tax rates. B. A major natural disaster such as hurricane or earthquake. C. A bumper agricultural crop. D. Trade liberalization.