Public Sector Economics

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Across
  1. 2. The reluctance of a person to accept a bargain with an uncertain payoff rather than another bargain with a more certain, but possibly lower, expected payoff
  2. 3. a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others
  3. 4. A phenomenon occurring when expansionary fiscal policy causes interest rates to rise, thereby reducing investment spending
  4. 6. a condition on the cost-technology of an industry whereby it is most efficient (involving the lowest long-run average cost) for production to be concentrated in a single firm
  5. 7. A tax that is a fixed amount, no matter the change in circumstance of the taxed entity
  6. 8. Retrospective (past) cost that have already been incurred and cannot be recovered
  7. 10. A condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.
  8. 12. The extent to which consumption of taxed good is reduced because of the increased relative price
  9. 15. The slope of the production–possibility frontier (PPF) at any given point
  10. 20. The study and implementation of how best to design a tax to minimize distortion and inefficiency subject to increasing set revenues through distortionary taxation in the market.
  11. 23. Representation of the (infinite) set of possible efficient allocations
  12. 24. The analysis of the effect of a particular tax on the distribution of economic welfare
  13. 25. Refers to any tax on non-investment spending, and can be implemented by means of a sales tax, consumer value added tax, or by modifying an income tax to allow for unlimited deductions for investment or savings
  14. 26. A majority rule voting system will select the outcome most preferred by him
Down
  1. 1. A branch of theoretical economics which seeks to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that a set of prices exists that will result in an overall equilibrium
  2. 3. The study of government policy through the lens of economic efficiency and equity
  3. 5. The amount by which consumption of taxed good is reduced because of the worsening of the standard of living
  4. 9. The cost of any activity measured in terms of the value of the next best alternative forgone (that is not chosen)
  5. 10. the percentage change in quantity demanded caused by a percent change in price
  6. 11. A tax imposed so that the effective tax rate increases as the amount to which the rate is applied increases
  7. 13. Resource allocations that have the property that no one can be made better off without someone else being made worse off
  8. 14. a loss of economic efficiency that can occur when equilibrium for a good or service is not Pareto optimal
  9. 16. a situation in which individuals or organizations consume more than their fair share of a resource, or shoulder less than a fair share of the costs of its production
  10. 17. a real-valued function that ranks conceivable social states (alternative complete descriptions of the society) from lowest to highest
  11. 18. A financial charge or other levy imposed upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law
  12. 19. a cost or benefit that is not transmitted through prices
  13. 21. The proportional share of the initial amount owed (initial liability) that must be paid to delay payment for 1 year
  14. 22. A tax system with a constant marginal rate, usually applied to individual or corporate income