CH.8/LABOR
CH.9/TAXES
CH. 10/Gov't Spending
VOCABULARY
WILD CARD
100
An Organization that works for it's members interest concerning pay, working hours, conditions, and other job related matters.
What is a Labor Union.
100
A tax that imposes the same percentage on everyone, regardless of income.
What is a proportional tax.
100
When the government spends money, and has something tangible to show for it, they are purchasing:
What are goods and services.
100
The study of economic systems as a whole.
What is Macroeconomics.
100
The largest source of governement revenue is: (BE SPECIFIC)
What is individual income taxes.
200
A union's refusal to work until labor demands are met.
What is a strike.
200
A Progressive Tax
What is a tax that imposes a higher percentage rate on a person wit higher incomes.
200
A payment in which the government receives neither goods or services.
What is a transfer payment.
200
A relatively high tax designed to raise revenue and reduce consumption.
What is sin tax.
200
Governement spending that receives yearly reauthorization.
What is discretionary spending.
300
Name the four catagories of labor
What are: unskilled, semi-skilled, skilled, and professional.
300
A Regressive Tax
What is a tax that inposes a higer percentage on low incomes than on higher incomes.
300
Spending that continues year to year without the need for Congressional approval.
What is mandatory spending.
300
Taxes levied on employers and employees to pay for Socaial Security and Medicaid.
What is FICA
300
Name TWO of the economic impacts of taxation.
What are: Resource Allocation/Behavior Adjustment/Productivity and Growth/Incidence of a tax.
400
Why are different labor grades considered non-competing?
Because the skills, education, training, and human capital investments are different.
400
A Tax that is imposed on every stage of production.
What is a Value Added Tax (VAT)
400
Decficit Spending
What is spending in excess of government revenue.
400
Part of the economy made up of local, state, and federal governments.
What is the Public Sector
400
If a product is inelastic and has no substitutes, who pays the incidence of tax?
Who is the consumer?
500
Explain the difference between the Equalibrium Wage Rate Theory and the Signaling Theory of wage determination.
Equalibrium: wage rate that leaves neither a surplus or a shortage in the labor market. Signaling Theory: Employers are williing to pay more for diplomas, certificates, degrees, or other "signals" of ability.
500
Only people who drive on GA 400 pay the toll that pays for the highway. This is an example of:
What is the benefit principle of taxation.
500
A bill in Congress that allows federal agencies to spend money.
What is an appropriations bill.
500
A court order not to act.
What is an injunction.
500
The tax rate that applies to the NEXT dollar of taxable income.
What is the margianl tax rate.
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