The Two Largest Oil Spills Together Released 301 Million Gallons

question 167

Multiple Choice

The two largest oil spills together released 301 million gallons of oil into the oceans. The smaller of the two released 73 million gallons less than the larger of the two. How many million gallons did
The larger one release?

• A)228 million gal
• B)114 million gal
• C)130 million gal
• D)187 million gal

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Definitions:

Uncompensated Cost

Costs that occur when an action has effects, positive or negative, on third parties without those parties being compensated.

Social Cost

The total cost of an activity, including both private costs borne by the producer and external costs suffered by others.

External Costs

Costs incurred by someone who does not participate directly in a transaction or activity, often relating to environmental or societal impacts.

Socially Optimal

A condition or point at which the total benefits to society are maximized, often considered in the context of production or distribution of goods and services.