Taxes
This type of tax is advocated for by Ted Cruz, and calls for the tax rate to be the same for all individuals.
What is a proportional tax? (or what is a flat tax?)
Define interest (in terms of economics)
What is a charge for the privilege of borrowing money?
This is the group within the Fed the creates the majority of monetary policy.
Who are the Federal Open Market Committee (or FOMC)?
Define scarcity.
What is the limited availability of a good despite need/demand for it? (or something similar to that)
This was the name of the woman on your budget assignment.
Who is Sharon?
This principle says that those who can pay more should pay more for taxes.
What is the ability to pay principle?
This is a loan which you can use repeatedly up to a certain limit and can be subsequently paid back prior to scheduled payments.
What is open end credit?
Name 2 causes of inflation.
Demand-Pull Theory (all sectors of economy try to buy more goods than the economy can produce); Government Deficit (federal government's deficit spending via borrowing rather than via taxation); rising input costs (means price of product increases); Excessive monetary growth (growth in money supply increases purchasing power, leads to demand-pull
This is the cost of the next best alternative use of money, time or resources that must be sacrificed to attain something or satisfy a want.
What is the opportunity cost?
This person said "There is no easy walk to freedom anywhere."
Who is Nelson Mandela?
This type of tax is most similar to our current tax system, in which the government takes a larger portion for taxes as your income increases.
What is a progressive tax?
These are 2 of the 3 things you need to apply for a car loan.
What is specifying the amount to borrow, submitting a pay stub/proof of employment, and a credit score?
Relative to the equilibrium, where would a price floor and a price ceiling line go?
Above and below, respectively.
What are supply and demand?
This is the song and artist associated with the title of the Loans lecture.
What is Low by Flo Rida?
After an income of $128,400 per year, Social security is an example of this kind of tax.
What is a regressive tax?
This is the definition of a Master Promissory Note, and as a follow up, this is what Mr. Neese says you should do with the MPN.
What is a contract explaining the conditions of your loans and your agreeance to accept the loan? What is READ IT!?!?!?
These are the 3 tools of Monetary policy to regulate the economy.
Reserve requirements (deciding how much of a deposit a bank must keep); discount rate (interest rate on loans sent from the Fed to financial institutions); open market operations (the buying and selling of securities)
This represents all maximum output possibilities for 2 goods, based on the assumption that all goods are used efficiently. This also represents an expanded set of opportunity costs.
What is a Production Possibilities Frontier?
This is the state where Mr. Neese got the cowbell on his desk.
What is Tennessee?
This California proposition froze property tax rates at their 1978 levels for those who continued to own their home, directly impacting the amount of money devoted to education.
What is Proposition 13?
These are the differences between a subsidized and unsubsidized loan.
This is how technology, taxes, and cost of inputs cause a shift in a supply (increase or decrease)
Technology- Increase because they can produce more
Taxes- Decrease because it costs more to produce
Cost of Inputs- Decrease because it drives up the production costs
Using correct format, say the opportunity cost for the following scenario:
Tonya took $200 out of the bank, and she decided to go to the store and spend it all on makeup at Ulta. She didn't end up using that money to send her grandma on vacation.
What is "Tonya had $200. She bought makeup at Ulta. Therefore, the opportunity cost is sending her grandma on vacation."
This is the name of the woman who owns the cat I am always talking about.
Who is Kathy?