Externalities Are

question 6

Multiple Choice

Externalities are

• A)side effects passed on to a party other than the buyers and sellers in the market.
• B)side effects of government intervention in markets.
• C)external forces that cause the price of a good to be higher than it otherwise would be.
• D)external forces that help establish equilibrium price.

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Definitions:

Wilmot Proviso

An unsuccessful 1846 proposal in the United States aiming to ban slavery in territory acquired from Mexico.

Immigration Policy

The laws, regulations, and procedures established by a country to control the entry and stay of foreigners within its borders.

Japanese Ports

Refers to the seaports of Japan, which became significant in the mid-19th century as Japan ended its period of national isolation and opened to international trade and influence.

Matthew Perry

A U.S. Navy Commodore who played a key role in opening Japan to the West with the Kanagawa Treaty in 1854, ending Japan's two centuries of isolation.