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5 Written questions

5 Matching questions

  1. Regressive Tax
  2. Keynesian Economic Theory
  3. Mixed Economy
  4. Medicaid
  5. Environmental Protection Agency (EPA)
  1. a An agency of the federal government created in 1970 and charged with administering all the government's environmental legislation. It also administers policies dealing with toxic wastes. It is the largest federal independent regulatory agency.
  2. b A tax in which the burden falls relatively more heavily upon low-income groups than upon wealthy taxpayers. The opposite of a progressive tax, in which tax rates increase as income increases.
  3. c The theory emphasizing that government spending and deficits can help the economy weather its normal ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging.
  4. d An economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower.
  5. e A public assistance, health care program, administered through Social Security, designed to provide health care for poor and/or disabled Americans. It is funded by both the federal government and state governments.

5 Multiple choice questions

  1. A tax by which the government takes a greater share of the income of the rich then of the poor. For example, when a rich family pays 50% of its income in taxes and a poor family pays 5%.
  2. Benefits given by the government directly to individuals. These may be either cash transfers, such as Social Security payments and retirement payments to former government employees, or in-kind transfers, such as food stamps and low-interest loans for college education.
  3. An economic theory holding that the supply of money is the key to a nation's economic health. Monetarists believe that too much cash and credit in circulation produces inflation.
  4. The legal minimum hourly wage for large employers.
  5. The value of assets owned.

5 True/False questions

  1. Endangered Species Act of 1973This law requires the federal government to protect actively each of the hundreds of species listed as endangered-regardless of the economic effect on the surrounding towns or region.

          

  2. Laissez-FaireA program added to the Social Security system in 1965 that provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctor fees and other health expenses.

          

  3. Income DistributionThe rise in prices for consumer goods.

          

  4. Monetary PolicyAn economic theory holding that the supply of money is the key to a nation's economic health. Monetarists believe that too much cash and credit in circulation produces inflation.

          

  5. Poverty LineA method used to count the number of poor people, it considers what a family must spend for an "austere" standard of living.

          

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