Economics Review Ch. 7, 8, 9 and 10

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Presentation transcript:

Economics Review Ch. 7, 8, 9 and 10

What is the standard amount of pay given for work performed? Answer: Wage rate

What is it called when different occupations and levels of training are rewarded with different wages? Answer: Wage determination

Which branch of economics includes the study of government expenditures and government revenue? Answer: Macroeconomics

What principle of taxation is the belief that people should be taxed according to what they can pay? Answer: The Ability-to-Pay Principle

Which tax imposes the same % rate of taxation on everyone, regardless of income. Answer: A proportional tax

Which tax imposes a higher % rate of taxation on higher incomes than on lower ones? Answer: The Progressive Tax

Which tax imposes a higher % rate of taxation on low incomes than on high incomes? Answer: The Regressive Tax

Answer: A proportional tax Medicare is a federal health-care program available to all senior citizens, regardless of income. The Medicare tax is 1.45% of income, with no limit on the amount of income taxed. As a result, everyone who receives a paycheck pays exactly the same rate, regardless of the size of a paycheck. Which of the 3 taxes is this an example of? Answer: A proportional tax

Which of the three taxes is the U.S. Federal income tax an example of? Answer: The Progressive Tax

FICA is the Federal Insurance Contributions Act tax, which is levied on employers and employees to equally pay for what 2 things? Answer: Pay for Social Security and Medicare. These two taxes are sometimes called payroll taxes b/c they are deducted from paychecks.

What is the income called that the government receives from taxation? Answer: The $ the government receives from taxes is called revenue.

Who relies on revenue to receive income and to be able to conduct its day to day operations? Answer: Federal, State and local governments

What is the single largest source of revenue for the federal government? Answer: The Individual Income Tax

What is the IRS and what is it in charge of? Answer: The IRS is the branch of the Treasury Department in charge of collecting taxes.

What is the tax called that is placed on gasoline, liquor and tobacco products? Answer: The Excise Tax

What is the tax on the transfer of property when a person dies? Answer: The Estate Tax

What is the tax paid by the donor on transfer of money or wealth? Answer: The Gift Tax

What is the tax on imported duties? Answer: Custom duty

What is the tax on corporate profits called? Answer: The Corporate Income tax

This tax is levied on consumer purchases of nearly all products This tax is levied on consumer purchases of nearly all products. Michigan’s is 6%. What is this tax called? Answer: The Sales Tax

The tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts is called? Answer: The Property tax

Another name for Government spending is??? Answer: Expenditures

Fiscal policy is when the government tries to manage WHAT by the manipulation of taxes? Answer: Manage the economy

This occurs when the annual government spending is in excess of taxes and other revenues? Answer: Deficit spending

What is the total amount borrowed from investors to finance the government’s deficit spending called? Answer: The National Debt, which will have to paid for by future generations.

Which market structure has many firms in the industry and no control over the price? Answer: Perfect Competition

Which market structure has a few numbers of firms in the industry and the automobile industry and cell phone industries are examples of it? Answer: Oligopoly

Which market structure has many firms in the industry and has a limited influence over price. They depend on product differentiation. Answer: Monopolistic Competition

Which market structure has one firm in the industry and has extensive control over the price. Answer: Monopoly

What is it called when the benefits of these are available to everyone and are paid for collectively? Answer: Public Goods

What is the economic side effect that affects an uninvolved third party and can be either positive or negative? Answer: Externalities

What did the Sherman Anti-Trust Act discourage? Answer: Monopolies

Who provides the public goods in the United States? Answer: The Government

What is one of the three reasons why the government takes part in the U.S. economy? Answer: 1 – Prevent monopolies and unfair business practices. 2 – Regulate industries in which monopolies serve the public good. 3 – Protect the public from false claims and harmful products.