What Is a "Social Cost" of Production

question 101

Multiple Choice

What is a "social cost" of production?

• A)the cost of the natural resources used up in production
• B)the total costs of producing a product, both implicit and explicit costs
• C)the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product
• D)the cost of the environmental damage created by production

---

Definitions:

Shoes

Footwear items designed to protect and comfort the human foot while the wearer is doing various activities.

Exchange Rate

The conversion rate from one currency to another.

Imports

Merchandise or services entering a nation from a foreign country, intended for sale or application.

Exports

Exports refer to goods or services sent from one country to another for sale or trade, contributing to a nation's gross domestic product.