An Externality Is When the Impact of One Person's Actions

question 126

True/False

An externality is when the impact of one person's actions on the wellbeing of a bystander is captured in the price of a good.

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Definitions:

AFL

Known as the American Federation of Labor, a national federation of labor unions in the United States founded in Columbus, Ohio, in December 1886.

Racially Integrated

The process of combining people of different races in a shared environment, especially in social and educational settings, aiming toward equality and inclusivity.

Bretton Woods Conference

The Bretton Woods Conference was a gathering in 1944 that established the Bretton Woods system, creating key financial institutions like the International Monetary Fund and the World Bank to regulate the international monetary and financial order after World War II.