Negative Externalities Can Diminish a Property's Value by Imposing Costs

question 24

Multiple Choice

Negative externalities can diminish a property's value by imposing costs on the community at large. In order to offset this detrimental impact, economists advocate "internalizing" these externalities by implementing:

• A) performance standards
• B) impact fees
• C) growth moratoriums
• D) planned unit developments

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Definitions:

Globalization

The process by which businesses, technologies, cultures, and ideas spread across the world, leading to increased interconnectedness and interdependence of nations.

Poverty Line

The minimum level of income deemed adequate in a particular country to live on, used as a standard to classify people into economic categories.

Basic Subsistence

The minimum resources necessary for a person to live, including food, water, and shelter.

Older Adults

Individuals who are in the later stage of their life, often defined as being 65 years or older.