Idk
A tax added to the price of goods and services at the point of sale.
Sales Tax
Which term describes a tax system where higher incomes are taxed at higher rates?
Regressive Tax
Proportional Tax
Progressive Tax
Progressive Tax
The highest point of economic growth before a downturn begins is called the:
Trough
Peak
Peak
Which situation occurs when government spending exceeds the revenue it collects for the year?
Budget Deficit
Expansion
Depression
Recession
Budget Deficit
Which term describes a period when GDP is increasing?
Expansion
Contraction
Recession
Depression
Expansion
Which term describes a temporary downturn in economic activity following growth, often preceding a trough?
Contraction
Depression
Expansion
Peak
Contraction
What is the lowest point in an economic cycle before recovery begins?
Peak
Recession
Trough
Trough
When government spending exceeds the revenue it collects in a given year, this situation is known as:
National Debt
Budget Deficit
Budget Deficit
Which tax system requires everyone to pay the same percentage of income, regardless of earnings?
Progressive Tax
Proportional Tax
Regressive Tax
Sales Tax
Proportional Tax
Which condition combines rising prices with slowed economic growth and high unemployment?
Inflation
Stagflation
Depression
Recession
Stagflation
Which tax system is designed so that taxpayers with higher incomes pay a higher rate than those with lower incomes?
Regressive Tax
Proportional Tax
Progressive Tax
Sales Tax
Progressive Tax
Which measure tracks changes in the price level of a basket of consumer goods and services?
Inflation
Consumer Price Index
Fiscal Policy
Consumer Price Index
A tax added to the price of goods and services at the point of sale is best identified as:
Sales Tax
Regressive Tax
Sales Tax
What term describes a general increase in prices across the economy?
Inflation
Stagflation
Depression
Recession
Inflation
Which term refers to a decline in GDP that lasts for at least six months?
Depression
Recession
Contraction
Trough
Recession
What economic condition is defined by rising prices combined with slowing growth and high unemployment?
Inflation
Stagflation
Recession
Peak
Stagflation
A decline in GDP that lasts for at least six months is called:
Depression
Contraction
Recession
Recession
Which term refers to the highest point of economic growth before a downturn begins?
Trough
Peak
Expansion
Contraction
Peak
Which term describes the government's use of spending and taxation to influence the economy?
Monetary Policy
Fiscal Policy
Consumer Price Index
National Debt
Fiscal Policy
Which tax is added to the price of goods and services at the point of sale?
Sales Tax
Progressive Tax
Proportional Tax
Regressive Tax
Sales Tax
Which measure tracks changes in the price level of a typical basket of consumer goods and services?
Fiscal Policy
Consumer Price Index
Sales Tax
National Debt
Consumer Price Index
Which term describes a general increase in prices and a fall in the purchasing value of money?
Inflation
Deflation
Inflation
Which measure tracks changes in the price level of a typical basket of consumer goods and services?
Fiscal Policy
Consumer Price Index
National Debt
Budget Deficit
Consumer Price Index
What is the lowest point in an economic cycle before recovery begins called?
Peak
Trough
Expansion
Contraction
Trough
Which term is the total amount of money the government owes its creditors?
Budget Deficit
National Debt
Fiscal Policy
Consumer Price Index
National Debt