In the US, People Tend to Discard Items Rather Than Repair Them

question 44

Multiple Choice

In the U.S., people tend to discard items rather than repair them because

• A)Americans are lazy
• B)of the high opportunity cost of time
• C)it is costly to use land for waste disposal
• D)high wages in the waste disposal industry discourages repairs
• E)low wages in the repair industry encourages disposal

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Definitions:

Price Controls

Government-imposed limits on the prices that can be charged for goods and services in the market.

Misallocation

The inefficient or inappropriate distribution of resources in a manner that does not maximize economic efficiency or output.

Production Cost

The total expense incurred in the manufacture of a product, including raw materials, labor, and overhead costs.

Black Market

Illegal trade of goods and services, beyond government control, where transactions typically occur “under the table” to avoid taxes or regulations.