The Mind-Brain Question

question 39

Multiple Choice

The mind-brain question:

• A)Is concerned with the nature of the mind and its relation to the brain
• B)Was originally posed by early neuroscientists and remains unsolved today
• C)Usually involves a choice between the positions of psychology and philosophy
• D)All of the other alternatives are correct.

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Definitions:

External Cost

A cost that a transaction or activity imposes on a party who is not involved in the transaction, often not reflected in market prices.

Negative Externality

A cost that affects a party who did not choose to incur that cost, often associated with environmental, health, and safety concerns of public and private actions.

Positive Externality

A benefit that is enjoyed by a third-party as a result of an economic transaction.

Negative Externalities

Unintended adverse effects of an economic activity on unrelated third parties; they represent a failure of the market to fully account for the impacts of transactions.