This is the percentage of people who live in households with income below he official poverty line.
What is the poverty rate.
100
This is a situation in which the government spends more that it takes in.
What is budget deficit.
100
This is a good that sent to another country for sale.
What is an export
100
Any resources that are made by humans and are used to create other goods and services are called what?
What is capital
100
This is a tax for which the percentage of income paid in taxes remains the same for all income levels
What is a proportional tax
200
This is a tax for which the percentage of income paid in taxes increases as income increases.
What is progressive
200
This is the difference in value between one country's currency and another country's.
What is exchange rate
200
This is a characteristic of a Command Economy.
What is government owns all the land and capital
200
This a type of monetary policy that increases the money supply.
What is easy money policy
300
This is income that taxes must be paid on.
What is taxable income
300
This is the use of government spending and revenue collection to influence (control) the economy.
What is fiscal policy
300
This is the action taken by the Federal Reserve to influence real GDP and control inflation.
What is monetary policy
300
This is a nations GDP divided by its population.
What is GDP per capita
300
Shannon pays 30% of her total income of $150,000 to the government for her income tax. Liz pays 10% of her total income of$60,000 to the government for her income tax. This is an example of which type of tax structure.
What is Progressive
400
This is a social welfare program that people are "entitled" to and government is required by law to pay.
What is entitlement
400
This fiscal policy that encourages economic growth through higher government spending and cutting taxes.
What is expansionary
400
This is the 7 member board that oversees the Federal Reserve.
What is the board of governors
400
This is a required payment to a local, state, or national government.
What is a tax
400
He is a world renowned economist and has won the Nobel peace price for economics.
Who is Milton Friedman
500
This is old-age, survivors, and disability insurance.
What is Social Security
500
This economic idea is the idea that free markets regulate themselves without government intervention.
What is classical
500
This is the process by which banks record the movement of money when someone writes a check.
What is check clearing
500
This is a tax for which the percent of income paid in taxes increases as income increases.
What is a progressive tax
500
This economist revolutionized economic theory in 1936 when he published his book.