26 May Question 43) Costs borne solely by the individuals who incur them are
Question
43) Costs borne solely by the individuals who incur them are
A) private costs.
B) social costs.
C) internality.
D) common property.
44) Which of the following is not a private cost?
A) The health insurance costs a firm must pay for its employees.
B) The pollution caused by a firm dumping its wastes into the river.
C) The coffee pot that Jan dropped and broke this morning.
D) The amount that a firm must pay for raw materials to make its product.
45) John raises bees to pollinate his apple trees. One of the bees just stung him. This is a(n)
A) private cost.
B) social cost.
C) internality.
D) common property.
46) John raises bees to pollinate his orchard. A couple of bees which escaped ended up
pollinating his neighbor’s orchard, so
A) John’s neighbor has received an internal cost of John’s bee-keeping.
B) John’s neighbor has received an external cost of John’s bee-keeping.
C) John’s neighbor has received an external benefit of John’s bee-keeping.
D) None of the above is correct.
47) External costs are
A) borne by individuals other than those who incurred them.
B) another term for implicit costs.
C) borne by the public but incurred by the government.
D) borne by the government but incurred by the public.
48) The sum of internal and external costs is
A) private costs.
B) social costs.
C) internality.
D) common property.
49) Social costs are
A) costs that are borne by the government.
B) the full cost borne by society whenever a resource use occurs.
C) borne by individuals who incur them.
D) another term for external costs.
50) The total costs of using a resource are made up of
A) private costs only.
B) external costs only.
C) social costs only.
D) internal and private costs only.
51) The sum of internal and external costs is
A) externalities.
B) social costs.
C) internalities.
D) private costs.
52) When a person drives an automobile, that individual is creating
A) internal costs only.
B) private costs only because the individual pays for the insurance, gas etc.
C) external costs only.
D) social costs.
53) Which of the following statements is true about the relationship among external, internal and
social costs?
A) Social costs will always be higher than external costs.
B) Social costs will always be higher than internal costs.
C) Internal costs will always be higher than external costs.
D) Internal costs will never equal external costs.
54) 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.
55) 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.
56) When social costs of an activity exceed private costs
A) there is a tendency for resources to be under-utilized.
B) this means that resources are being efficiently used.
C) there is a tendency for resources to be over-utilized.
D) None of the above is correct.
57) When social costs of an activity exceed private costs
A) a market failure exists.
B) there is a tendency for resources to be under-utilized.
C) this means that resources are being efficiently used.
D) the actual price is above the efficient price.
58) If the social costs of driving an automobile are greater than the private costs of driving an
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