When the Social Cost of Production Is Greater Than the Private

question 177

Multiple Choice

When the social cost of production is greater than the private cost, we have a

• A)positive externality
• B)negative externality
• C)public good
• D)private good
• E)positive spillover

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Definitions:

Colonization Law

Colonization Law consists of regulations and statutes established by colonial powers to govern the settlement and administration of colonies, often including land distribution and treatment of indigenous peoples.

1824

The year notable for events such as the U.S. presidential election, which was decided by the House of Representatives under the "corrupt bargain" allegations.

Manifest Destiny

A 19th-century doctrine or belief that the expansion of the US throughout the American continents was both justified and inevitable.

Territorial Expansion

The process or action by which a country increases its land area through acquisition or annexation.