The Total Social Cost of Production Is Equal to

question 205

Multiple Choice

The total social cost of production is equal to

• A) external cost minus internal cost.
• B) internal cost minus external cost.
• C) external cost plus internal cost.
• D) internal cost plus opportunity cost.

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Definitions:

Yalta Conference

A meeting held in February 1945 between the leaders of the United States, the United Kingdom, and the Soviet Union to discuss the postwar reorganization of Germany and Europe.

Franklin Roosevelt

The 32nd President of the United States, who led the country during the Great Depression and World War II.

Joseph Stalin

Joseph Stalin was a Soviet politician and dictator who led the Soviet Union from the mid-1920s until his death in 1953, overseeing extensive industrialization and the implementation of severe political repression.

Nazis

Members of the National Socialist German Workers' Party, led by Adolf Hitler, responsible for the atrocities of World War II and the Holocaust.