All of the Following Are Examples of an External Cost

question 18

Multiple Choice

All of the following are examples of an external cost except:

• A)the smoke nuisance of a factory.
• B)zoning restrictions on your property.
• C)land defilement from strip mining.
• D)weeds on your next-door neighbor's lawn.

Understand the legal concept of promissory estoppel and its application.

Distinguish between bilateral and unilateral contracts and their respective consideration requirements.

Analyze the role of past consideration and forbearance in contract law.

Identify the factors the courts consider when determining the adequacy of consideration.

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Definitions:

Average Tax Rates

The ratio of the total amount of taxes paid to the total income, indicating the percentage of income that goes towards taxes.

Regressive Tax

A tax system that takes a smaller percentage of income from individuals as their income increases, often considered less fair to lower-income earners.

Payroll Taxes

Financial obligations required from both employers and employees, pegged to a fraction of the payroll expenses incurred by employers.

Federal Tax Revenues

The income received by the federal government from taxes and other sources used to fund public expenditures.