When there are external costs of production, such as when electric utilities burn coal, a competitive market will produce an inefficient level of output

Stocks and bonds issued in markets-oriented financial systems are rather __________ because they are traded __________

A) liquid; frequently B) liquid; infrequently if at all C) illiquid; frequently D) illiquid; infrequently if at all

A major source of revenues for state and local governments is _____

a. income taxes b. payroll taxes c. intergovernmental revenues d. estate taxation