The Principle That ʺInternal Costs,ʺ Which Are the Costs and Benefits

question 49

Multiple Choice

The principle that ʺinternal costs,ʺ which are the costs and benefits borne by the buyer and seller alone, represent the true and full economics of all transactions is a principle of _______________.

• A) sustainable economies
• B) classical economics
• C) ecological economics
• D) neoclassical economics
• E) steady-state economics

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Definitions:

Korean War

A conflict between North Korea (with the support of China and the Soviet Union) and South Korea (supported by the United Nations, primarily the United States) from 1950 to 1953, part of the early Cold War period.

Presidency Powers

The duties, responsibilities, and powers granted to the President of the United States by the Constitution, including serving as the head of state and government, commander-in-chief of the armed forces, and the power to sign or veto legislation.

Congress Powers

The authorities granted to the legislative body of the United States, including creating laws, declaring war, and regulating commerce.