Sometimes, When Goods Are Produced and Consumed, Side Effects Are

question 17

Multiple Choice

Sometimes, when goods are produced and consumed, side effects are felt by people who are not directly involved in the market exchanges. In general, these side effects are called

• A)Coase effects.
• B)externalities.
• C)public goods.
• D)internalities.

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Definitions:

First Past

A term often used in the context of elections, typically referring to a "first-past-the-post" system where the candidate with the most votes wins, irrespective of whether a majority is achieved.

Proportional Representation

An electoral system in which parties gain seats in proportion to the number of votes cast for them, aiming for a more representative alignment of legislative seats to popular support.

Socialist Economic System

A political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.

Collective Ownership

The shared control and ownership of assets, resources, or enterprises among a group of people or within a community, as opposed to individual privatization.