Persons Born into Different Cultures

question 26

Multiple Choice

Persons born into different cultures

• A) have very similar values as children.
• B) are taught very different values from birth.
• C) are quite different from other persons in their own culture in terms of habits and beliefs.
• D) cannot and should not be thought of as having different worldviews.

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Definitions:

Internalized

This term generally refers to the absorption of external effects or costs by the decision-maker, often in the context of environmental economics.

Coase Theorem

An economic theory stating that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be positive or negative.

External Costs

Costs generated by a production or consumption activity that are not borne by the producer or consumer but by society at large.