The social costs of an activity are greater than the private costs of the activity when
A) a person does not pay all costs associated with a particular resource-using activity.
B) the internal costs of the resource-using activity are less than the external costs of the activity.
C) the internal costs of the resource-using activity are positive.
D) the external costs of the resource-using activity are zero.
A
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Describe the nature of trade between two countries based on intertemporal comparative advantage
What will be an ideal response?
From an ethical standpoint, the plantation owners of the South typically saw the system of slavery as
(a) basically superior to the wage-labor system of the North. (b) basically inferior to the wage-labor system and only likely to exist temporarily. (c) basically equal to the wage-labor system but more profitable. (d) not needing a moral justification because slavery had been accepted without question throughout most of human history.