Question

Tom and jacob are college students. both of them will probably get married later and have two or three children. each knows that if he studies more in​ college, he'll get a better job and earn more than if he​ doesn't study. earning more means the ability to spend more on their future familieslong dash—things like​ orthodontia, nice​ clothes, admission to an expensive​ college, and travel. tom thinks about the potential benefits to his potential children when he decides how much studying to do. jacob​ doesn't.

Answer 1

In this situation, the externalities that arise from studying is the unability to enter college and obtain good-paying jobs.
From the description above, we can conclude that Jacob is much more likely to experience these externalities since he does not consider the importance of studying and how it might influence his future.