If a Farmer Chooses Not to Develop His/her Land in Order

question 62

Multiple Choice

If a farmer chooses not to develop his/her land in order to preserve wildlife, it is an example of:

• A) inefficiency.
• B) positive externality.
• C) negative externality.
• D) excess of resources.

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Definitions:

Liable for Payment

Being legally responsible for the settlement of a debt or financial obligation, typically as a consequence of a contract or law.

Consent

The voluntary agreement to or approval of what is done or proposed by another; can be given explicitly or implicitly.

Assign a Mortgage

The transfer of a mortgage from one party to another, changing the lender or creditor while the borrower remains the same.

Partial Discharges

The release or forgiveness of a portion of a debt or obligation, without fully extinguishing the entire obligation.