Input | Output |
|---|---|
The town of Mayberry is thinking of expanding its airport. One problem with the expansion is that it would result in more airplane noise. For people who live near the airport, hearing that noise would cause as much unpleasantness as the collective loss of $100,000 every year. True or False: When Mayberry weighs the costs and benefits of its airport expansion, that $100,000 should count as a cost. | True. When considering the expansion of the airport, Mayberry should take into account all relevant costs and benefits of the project. The $100,000 figure that represents the collective unpleasantness and loss of well-being for the people living near the airport due to increased noise pollution is an example of an external cost or negative externality. External costs are real costs to society and should be included in a comprehensive cost-benefit analysis to ensure that all impacts of the expansion are accurately assessed. This helps in making a more informed and equitable decision. |
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