Close（根据英文解释，请在划线部分填上一个最恰当的词语，中英文均可。） 1．Adverse selection (逆向选择) The situation that occurs when the people who are most likely to receive benefits from a certain type of insurance are the ones who are most likely to purchase it. 2．Arrow’s Impossibility Theorem（阿罗不可能定理） It is impossible to translate individual preferences into colletive preferences without violating at least one of a specified list of ethically reasonable conditions. 3．Benefits-Received Principle（受益原则） Consumers of a publicly provided service should be the ones who pay for it. 4．Capitalization（资本化） The process by which a stream of an liabilities becomes incorporated into the price of an asset. 5．Coase Theorem（科斯定理） Provided that transaction costs are negligible, an efficient solution to an externality problem is achieved as long as someone is assigned property rights, independent of who is assigned those rights. 6．Consumer Surplus（消费者剩余） The amount by which consumers’ willingness to pay for a commodity exceeds the sum they actually have to pay. 7．Cost-Benefit Analysis（成本效益分析） A set of procedures based on welfare economics for guiding public expenditure decisions. 8．Double-Peaked Preferences（双峰偏好） If ,as a voter moves away from his most preferred outcome, utility goes down, but then goes back up again. 9．Edgeworth Box（埃奇沃思方盒） A device used to depict the distribution of goods in a two good-two person world. 10．Excess Burden（超额负担） A loss of welfare above and beyond taxes collected. Also called welfare cost or dead-weight loss. 11．Federal System（联邦制） Consists of different levels of government that provide public goods and services and have some scope for making decisions. 12．Free Rider（免费搭车者） The incentive to let other people pay for a public good which you enjoy the benefits. 13．Functional Finance（功能财政） Using fiscal policy to keep aggregate demand at the desired level, regardless of the impact on deficits. 14．Horizontal Equity（水平公平或横向公平） People in equal positions should be treated equally. 15．Internal Debt（内债） The amount that a government owes to its own citizens. 16．Local Public Good（地方公共产品） A public good that benefits only the members of a particular community. 17．Majority Voting Rule（多数投票规则） One more than half of the voters must favor a measure for it to approved. 18．Median Voter（中间投票人） The voter whose preferences lie in the middle of the set of all voters’ preferences 19．Median Voter Theorem（中间投票人定理） As long as all preferences are single-peaked and several other conditions are satisfied, the outcome of majority voting reflects the preferences of the median voter. 20．Moral Hazard（道德风险） When an individual’s behavior is affected by the fact that he is insured. 21．Off-Budget Deficit（非预算赤字） The deficit resulting from off-budget expenditures and revenues. 22．On-Budget Deficit（预算内赤字） The deficit resulting from on-budget expenditures and revenues. 23．Pareto Efficient（帕累托有效或帕累托效率） An allocation of resources such that no person can be made better off without making another person worse off. 24．Pareto Improvement(帕累托改进) A reallocation of resources that makes at least one person better off without making anyone else worse off. 25．Pay-As-You-Go（现收现付） A Social Security system under which benefits paid to current retirees come from payments made by current workers. 26． Pigouvian Tax（庇古税） A tax levied on each unit of a polluter’s output in an amount equal to the marginal damage that it inflicts at the efficient level of pollution. 27．Poverty Line（贫困线） A fixed level of real income considered enough to provide a minimally adequate standard of living. 28．Public Good（公共产品） A good that not rival in consumption; the fact that one person benefits from this good does not prevent another person from doing the same simultaneously. 29．Shadow Price（影子价格） The underlying social cost of an input. 30．Social Insurance（社会保险） Government programs that allow individuals to smooth their consumption in the presence of uncertainty. 31．Tax Avoidance（避税） Altering behavior in such a way as to reduce your legal tax liability. 32．Tax Wedge（税楔） The tax-induced difference between the price paid by consumers and the price received by producers. 33．Vertical Equity（垂直公平或纵向公平） Distributing tax burdens fairly across people with different abilities to pay. 34．Wagner’s Law（瓦格纳定律） Government expenditures rise faster than incomes. 35．Welfare Economics (福利经济学) The branch of economic theory concerned with the social desirability of alternative economic states.