The term ______________________ refers to a market exchange that affects a third party who is outside or external to the exchange.

_________________________ allows the government to collect wealth for redistribution based on the amount of stored wealth that is being passed on in the form of an inheritance.

What American economist wrote “An Economic Theory of Democracy” in which it is stated: “It seems probable that for a great many citizens in a democracy, rational behavior excludes any investment whatever in political information per se.”

The absence of which of the following best explains why government agencies are slower to correct mistakes than private firms.

When reference is made to the _________________________ , it means the specific amount of income needed for a basic standard of living.

________________ are a form of _______ bonds that offer relatively high interest rates to compensate for their relatively high chance of default.

The problem of pollution typically arises in ______________________ economies around the world.

If the research and development efforts of a firm have ended in failure, then

When people have insurance against a certain event, the notion that those people are less likely to guard against that event occurring is called a _____________________ .

When it is costly or impossible to exclude someone who hasn’t paid to use a particular good from using it, then that good is classified as being