ECONOMICS AND GOVERNMENT Unit 2 Review

0 What is the difference between a minimum wage and a living wage? Minimum Wage: Living Wage:

0 What is the difference between a minimum wage and a living wage? Minimum Wage: set amount per hour that employers are required to pay employees by law Living Wage: amount that an employee must earn in order to live with stability

1.Which economic system stresses private ownership without much government regulation? Capitalism or free enterprise

2.What do you call the tools, machines, and products that are needed to make new products that are sold? a.Goods b.Services c.Capital d.Enterprise c. Capital

3.When there is a lot of something on the market and few people buy it, this creates what? surplus

4. What do you call the rise in prices of goods or services? Inflation

5.What is the type of business that has only one owner? a.Partnership b.Corporation c.Proprietorship c. proprietorship

6.What is the type of business where many people invest money to start it up? corporation

True or False 7.The state and the federal government can both set the minimum wage. True

8.Is WA. State minimum wage higher or lower than the federal minimum wage? Higher

9.What are some major industries in WA? Fishing Manufacturing Logging Computers Agriculture

10. Name 3 of the biggest employers in WA State. Boeing UW Microsoft Sea-Tac WSU

11.Who are our biggest trading partners? Canada China Mexico Japan Germany

12.Name 2 famous WA State entrepreneurs. Debbie Mumm Eddie Bauer Gary Larson John Nordstrom Bill Gates

True or False 13.When you use a debit card, the money owed for a good or service is taken directly from your bank account. True

14.Who might pay you interest? A bank

15.Who might YOU pay interest to? A bank for a loan Credit card company

16. Who is the current governor?

Jay Inslee

17. Who are our two senators? Patty Murray Maria Cantwell

18. Which branch of government is in charge of writing the laws? Legislative

19. Which branch of government makes sure laws follow the Constitution? Judicial

20. Which branch of government carries out the laws? Executive

21. What are the two chambers in the legislative branch? House of Representatives Senate

True or False 22.Each state is represented by 2 senators. True

23. What do you call the system which makes sure one branch of government doesn’t have too much power? Checks and balances

24. What do you call the bipartisan group of the president’s advisors? Cabinet

True or False 25. There are 11 Supreme Court Justices. False (there are 9)

26. Which party generally believes in smaller government? Republican

27. Which party generally believes that health care should be available to all, regardless of income? Democratic

28. Which party believes that the government has a responsibility to help the poor, children, and elderly? Democratic

29. Which party believes that less government regulation and fewer taxes will stimulate the economy? Republican

30. Who is the President of the U.S.? Barack Obama

31. Who is the Vice President of the U.S.? Joe Biden

True or False 32. Washington State does not collect income tax. True

33. Where do we get our taxes from at the state level? Property tax Sales tax Utilities Tobacco Alcohol

34. Where does state tax money go? Name two things it pays for. Schools Teachers Police Firemen Public Health Roads Welfare

35. What are the 4 levels of government? National/Federal State County City (Municipal)

36. What do you call the head of the executive branch at the city level? Mayor