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D. All of the above
8. The British Government intends to expand Heathrow Airport. The noise associated
with the additional flights will create more discomfort for nearby residents.
A. The noise-induced discomfort is a social impact but not a true economic cost of the
expansion because there are no monetary losses to the residents.
B. The noise-induced discomfort is an explicit non-monetary cost of the expansion.
C. The noise-induced discomfort is an implicit non-monetary cost of the expansion.
D. The noise-induced discomfort is irrelevant because existing noise costs are sunk.
9. The opportunity cost of allocating a resource to a particular use is
A. the foregone net benefit of the next best alternative use of that resource.
B. the foregone net benefit of all available alternative uses of that resource.
C. often less than the total cost because opportunity cost does not include explicit costs.
D. None of the above
10. The City of Victoria currently owns a vacant lot on which industrial activity once
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This document was uploaded on 03/03/2014.
- Spring '14