Assignment 5 Update (Ch. 7 & 8, LS 5 & 16)

Directing financial assistance because of underproduction leads to

market failure is the result of goods that have

a public good is

the us border patrol. public or private good?

satellite tv. public or private good?

When negative externalities exist

The government could correct the difference between the equilibrium output level and the efficient output level by

Correction for a negative externality

correction for a positive externality

The personal income tax is the most important source of revenue at

A progressive tax is one in which

A regressive tax is one in which

A proportional tax is one in which

a 4 percent general sales tax is

the efficiency loss of a tax is the net benefit society gives up because

Does a progressive tax system by itself guarantee that resources will be redistributed from the rich to the poor?