Table 10-3
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​ -Refer to Table 10-3

question 108

Multiple Choice

Table 10-3
​
​
$$\begin{array} { | c | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Private Value } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { Private Cost } \\\text { (Dollars) }\end{array} & \begin{array} { c } \text { External Benefit } \\\text { (Dollars) }\end{array} \\\hline 1 & 22 & 12 & 10 \\\hline 2 & 20 & 15 & 10 \\\hline 3 & 18 & 18 & 10 \\\hline 4 & 16 & 21 & 10 \\\hline 5 & 14 & 24 & 10 \\\hline 6 & 12 & 27 & 10 \\\hline\end{array}$$
-Refer to Table 10-3. The social value of the 4^th unit of output that is produced is

• A)$10.
• B)$16.
• C)$26.
• D)$30.

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Definitions:

Goods

Tangible personal property that is either currently existing or identified and existing in the future.

Personal Property Securities Act

Legislation governing the registration and enforcement of security interests in personal property other than real estate.

Chattel Mortgage

A form of secured loan where personal movable property is used as collateral for the loan, without surrendering possession of the property.

Conditional Sales Contract

A contractual arrangement in which the sale of a property or item is not finalized until all the conditions outlined in the contract are met.