Unintended costs that are imposed in third parties as a result of an economic activity are called:
a. marginal costs.
b. direct costs.
c. negative externalities.
d. positive externalities.
e. positive costs.
c
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According to this Application, why is the value of Wal-Mart's 2014 sales NOT an accurate measurement of its actual sales impact on the U.S. economy?
A) The sales figure includes the value of purchases from other firms. B) The sales figure did not account for chain-weighted inflation measurements. C) The sales figure was in nominal, not real, dollars. D) The sales figure did not take into account the recession of 2008.
Over a business cycle, the quantities of capital, human capital, and entrepreneurial talent
A) change gradually and do not fluctuate much. B) cycle alongside real GDP. C) are completely unpredictable and cannot be forecast. D) cycle more than real GDP. E) are constant and do not change.