Taxes
Govt as a Consumer
Govt as a Referee
Govt as a Police Officer
Potpourri
100
This ensures competition and protects consumers.
What are taxes?
100
This person signs the Federal Budget into law.
Who is the President?
100
OPEC is a good example of this.
What is a cartel?
100
Under government regulation this is the highest a price can go?
What is a price ceiling?
100
A price floor protects these people.
Who are the producers?
200
This is a tax on your wages.
What is income tax?
200
This is extra spending in the Federal Budget that politicians work in to win political support.
What is pork barrel spending?
200
An agreement by producers to sell their good at a certain price.
What is price fixing?
200
This is the least you can make in a job.
What is minimum wage?
200
These are government operated but expected to act as a private-business.
What is a government corporation?
300
This is where the tax rate increases as your income goes up.
What is progressive tax?
300
The government normally produces these kind of goods.
What is a public good?
300
This is what makes producers want to get around the free-market.
What is profit motive?
300
This is when the government takes private land for public use.
What is eminent domain?
300
These laws safegaurd resources for future production.
What are environmental-protection laws?
400
This is the tax that increases for those who are poorer.
What is regressive tax?
400
These type of goods are individual goods but produced by the government because they are for the good of all like education.
What is a merit good?
400
These type of laws were created to stop monopolies.
What is anti-trust laws?
400
This is the freedom being hindered by censorship.
What is freedom of expression?
400
These are paid to the government on international trade only.
What is a tariff?
500
This is the organization that promotes free trade.
What is the World Trade Organization?
500
This person normally proposes the budget.
Who is the President?
500
This is who pays higher prices for consumer-protection regulations.
Who is the consumer?
500
This is how the government prevents shortages.
What is rationing?
500
This is a tax on the use of a specific product.
What is an excise tax?
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