The Authors of the U

question 38

True/False

The authors of the U.S.Constitution were traitors under English law.

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Definitions:

External Benefits

Positive effects of a transaction that affect third parties not directly involved in the transaction.

External Costs

Costs that are not borne by the parties involved in an economic transaction but are imposed on other individuals or society at large, such as pollution or congestion.

Coase Theorem

A principle suggesting that if transaction costs are low, private bargains will efficiently resolve the allocation of resources and distribution of goods.

Zoning Ordinance

Legislation that divides an area into zones to specify allowable land uses and regulate building standards, to shape urban growth and land use.