Which of the Following Statements Is TRUE About the Relationship

question 14

Multiple Choice

Which of the following statements is TRUE about the relationship among external, internal and social costs?

• A) External cost is the difference between social and internal costs.
• B) Internal cost is the sum of social and external costs.
• C) Social cost is the difference between internal and external costs.
• D) none of the above

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Definitions:

Development

The process of improving the economic, social, and political conditions of a community or country.

Production Processes

The methods and sequences of operations used to design, manufacture, and deliver products or services, encompassing everything from initial concept to final product.

Work Processes

The defined series of tasks or activities conducted by individuals or groups in an organization to achieve specific outcomes.

Individuals

Refers to a single human being as distinct from a group, class, or family.