5 Written Questions
5 Matching Questions
- Collective Bargaining
- Transfer Payments
- Progressive Tax
- a The amount of funds collected between any two points in time.
- b 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.
- c 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%.
- d 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.
- e Negotiations between representatives of labor unions and management to determine pay and acceptable working conditions.
5 Multiple Choice Questions
- Government benefits that certain qualified individuals are entitled to by law, regardless of need.
- 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.
- A method used to count the number of poor people, it considers what a family must spend for an "austere" standard of living.
- A fund created by Congress in 1980 to clean up hazardous waste sites. Money for the fund comes from taxing chemical products.
- 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 True/False Questions
Mixed Economy → An economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower.
Supply-Side Economics → An economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower.
Securities and Exchange Commission (SEC) → Organizations contracted by individuals or insurance companies to provide health care for a yearly fee. Such network health plans limit the choice of doctors and treatments; About 60 percent of Americans are enrolled in HMOs or similar programs.
Food and Drug Administration (FDA) → International organization that regulates international trade.
Fiscal Policy → the policy that describes the impact of the federal budget-taxes, spending, and borrowing-on the economy