Economists Generally Call the Effect of an Agreement on Others

question 117

Multiple Choice

Economists generally call the effect of an agreement on others that is not taken into account by the parties making the agreement:

• A) excess burden.
• B) welfare loss.
• C) Pareto optimality.
• D) an externality.

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Definitions:

Vasectomy

A surgical procedure for male sterilization or permanent contraception.

Seminiferous Tubules

Narrow, coiled tubules within the testes where sperm are produced during the process of spermatogenesis.

Cryptorchidism

Failure of the testicles to descend into the scrotum.

Smegma

Smegma is a combination of shedding skin cells, skin oils, and moisture that can accumulate between the foreskin of the penis and the glans, or around the clitoris and labial folds.