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WRAP-UP To summarize what you have learned in the lesson, answer the following questions: 1. What is a positive externality? negative externality? 2. What is the effect of the externalities on society? POSTTEST Directions: Read each statement carefully. Write T if the statement is correct, otherwise write F. 1. Pollution is a well-known negative externality. 2. Externalities are positive when the social costs outweigh the private costs. 3. Negative externalities occur when there is a positive gain on both the private level and social level. 4. Taxes are one solution to overcoming externalities. 5. A Pigovian tax is intended to tax the producer of goods or services that create adverse side effects for society