An Externality

question 61

Multiple Choice

An externality

• A)is always either a negative or positive externality.
• B)could be either a negative or positive externality.
• C)can be a negative externality for one group of people and a positive externality for another.
• D)creates market failures only when they are negative.

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Definitions:

Childhood Socialization

The process by which children learn the norms, values, behaviors, and social skills appropriate to their society.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing their behaviors and interactions.

Social Norms

Unwritten rules or expectations for behavior within a society or group, guiding members on what is considered acceptable or standard.

Aptitude

A natural ability or talent that allows an individual to learn or perform certain tasks efficiently.