External Costs Are Those Costs

question 66

Multiple Choice

External costs are those costs:

• A) that fall directly on an economic decision maker.
• B) that fall indirectly on an economic decision maker.
• C) that are imposed without compensation on someone other than the person who caused them.
• D) that are both social costs and private costs.

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Definitions:

Tacit Knowledge

The kind of knowledge that is difficult to transfer to another person by writing it down or verbalizing it.

Cognitive Processes

Mental activities involved in acquiring, storing, retrieving, and using knowledge.

Standardized IQ Tests

Tests designed to measure intelligence in a consistent and uniform manner across different populations, allowing for the comparison of intellectual abilities.

School Performance

A measure of a student's academic achievement or progress within their educational institution.