A benefit that falls on someone other than the producer or consumer
What is a Positive Externality
100
What kind of tax is the Michigan Cigarette Tax
What is Excise Tax
100
Why are senior citizens traveling to foreign countries such as Canada and Mexico to obtain prescription drugs
What is because they are cheaper than in the United States
100
This was the first type of trading done by clans and tribes during primitive times (time before the development of technology and organized societies)
What is Bartering
100
This type of tax is paid from individual’s payroll check
What is Income Tax
200
This occurs when a non-biased third party hears both side and makes a recommendation however, the sides do not have to follow the recommendation
What is Mediation
200
The purpose of the Michigan cigarette tax
What is to fund K-12 Education programs
200
Why are prescription drugs in high demand for seniors
What is because they are more prone to injury and/or illness
200
This is a modern type of trading that can be done over the internet
What is Pay Pal
200
This type of tax is paid on an individual’s land and home
What is Property Tax
300
This occurs when a non-biased third party hears both sides and makes a legal binding decision
Anyone ever hear of ARBor Day
What is ARBitration
300
Identify a positive externality of the Michigan cigarette tax
What is decreasing the amount of youth smokers
300
The United States is doing this to keep Seniors in the country to buy prescription drugs
What is lowering the costs of prescription drugs
300
This is a modern type of trading and the most common way
What is Currency
300
This type of tax is paid on most items but not all. Michigan’s rate is 6% and some states such as Washington do not have this type of tax
What is Sales Tax
400
A cost that falls on someone other than the producer or consumer
What is a negative externality
400
In addition to an excise tax the Michigan cigarette tax is also this type of tax
"Flat as a board"
What is Proportional tax (because it is flat and the same for everyone)
400
High prescription drug costs does what to sales for businesses in the United States
What is decrease the number of sales
400
This mean of payment was done before currency and served as money in ancient times
"Me wants Me Gold"
What is Precious Metals
400
This type of tax increases as income increases
What is Progressive
500
"Mr. Coomes can I have a pencil for class today...sure do you have a quarter...no but I have 10 cents...only a quarter will do...how about 15 cents...only a quarter...all right 20 cents that is my final offer
What is Negotiation
500
Identify a major negative externality of the Michigan cigarette tax
What is an increase in interstate smuggling
500
Identify one major difference between prescription drugs and "over the counter" drugs
What is prescription drugs are prescribed by a doctor
500
Explain a logicall additional means of payment
What is (Student Created)
500
This type of tax is used for retirement and is another name for social security tax
What is FICA (Federal Insurance Contributions Act)