the preferences of the median voter 20. Moral hazard(道德风险) When an individuals behavior is affected by the fact that 21. Of-Budget defici(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(EE B) Atax 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(aES) 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. Socialinsurance(社会保险) Government programs that allow individuals to smooth their consumption in the presence of uncertainty 31. Tax Avoidance ( uB) Altering behavior in such a way as to reduce your legal tax liability 32. Tax Wedge (DE) The tax-induced difference between the price paid by and the price received by producers 33. Vertical equit!y(垂直公平或纵向公平) Distributing tax burdens fairly across people with different abilities to pay 34. Wagner'sLaw(瓦格纳定律) Government expenditures rise faster than incomes Welfare economics(福利经济学) The branch of economic theory concerned with the social desirability of alternative economic statesthe 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