Social Cost Is _____

question 87

Multiple Choice

Social cost is _____.

• A)the sum of fixed and variable costs
• B)the difference between the total cost and opportunity cost
• C)the sum of private and external costs
• D)the difference between the private and external cost
• E)sum of fixed costs and opportunity costs

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Definitions:

Payroll

Payroll refers to the process by which employers pay an employee for the work they have completed during a certain period of time.

Social Security

A government system that provides monetary assistance to people with an inadequate or no income.

Medicare

A federal health insurance program primarily for people aged 65 and older, but also available to some younger people with disabilities.

Unemployment Compensation

Financial payments provided to individuals who have lost their job and meet certain eligibility requirements.