财税专业英语考试大题参考资料.doc

1（一）市场不完善: 指市场不能有效率运转的情况（即不完全有效率市场）。价格无法反映公开的所有信息，并可能受垄断行为或政府控制的影响。 Market failure: When a market fails to operate efficiently (inefficient market). Prices do not reflect all publicly available information, and may be influenced by monopolistic practices or government regulations. （二）Market failure Last chapter concluded that markets function well, markets bring about an efficient allocation of resources without any need for coordination through government intervention. For this conclusion, we made several assumptions about how markets work. When these assumptions do not hold, our conclusion that the market equilibrium is efficient may no longer be true. In this chapter, let consider briefly three of the most important of these assumptions. First, our analysis assumed that markets are perfectly competitive. In the world, however, competition is sometimes far from perfect. In some markets, a single buyer or seller (or a small group of them) may be able to control market prices. This ability to influence prices is called market power. Market power can cause markets to be inefficient because it keeps the price and quantity away from the equilibrium of supply and demand. Second, our analysis assumed that the outcome in a market matters only to the buyers and sellers in that market. Yet, in the world, the decisions of buyers and sellers sometimes affect people who are not participants in the market at all. Pollution is the classic example of a market outcome that affects people not in the market. Such side effects, called externalities, cause welfare in a market to depend on more than just the value to the buyers and the cost to the sellers. Because buyers and sellers don not take these side effects into account when deciding how much to consume and produce, the equilibrium in a market can be inefficient from the standpoint of society as a whole. Third, all market participants have the same information about the nature of the good and the circumstances under which i