Key Terms:
Role of
Government:
consumer
sovereignty, monopoly, natural monopoly,
antitrust, transfer payments, market
intervention, market failure, negative
externality, positive externality, public goods,
private goods, rivalry, nonrival, excludability,
nonexcludability, free-rider problem,
macroeconomic stability, fiscal policy, monetary
policy, expansionary fiscal policy, easy money
policy, contractionary fiscal policy, tight
money policy,
Government
Finance:
government
purchases, exhaustive, transfer payment,
nonexhaustive, deficit spending, personal income
tax, payroll tax, benefits received principle,
ability-to-pay principle, average tax rates,
marginal tax rates, progressive tax,
proportional tax, regressive tax, value added
tax (VAT)
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