When one company controls an entire industry without any competition.
What is - a monopoly
100
The basic retirement program run by the federal government.
What is - Social Security
100
Prohibit monopolies and other activity that reduces competition.
What is - anti-trust laws
100
Taxes on goods from other countries
What is - tariffs
100
An amount of money citizens and businesses are required to pay so that the government can function and provide services.
What is - a tax
200
A tariff makes the foreign product less expensive in the U.S.
True or False?
What is - False
200
A tax on profits made by corporations.
What is - corporate income tax
200
The basic tax you pay when you buy something.
What is - sales tax
200
An economy in which the government owns some property, offers some kinds of goods and services, and makes some rules that affect how businesses can compete.
What is - a mixed economy
200
An economy in which the government owns and offers all the goods and services and decides what those goods and services will cost.
What is - a command economy
300
Taxes people pay on land they own.
What is - property tax
300
Without antitrust laws, there would be less competition between businesses. True or False?
What is - True
300
An economy where most goods and services, such as cellular service, are offered by private companies. These companies compete against each other for your business.
What is - market economy
300
In a mixed economy, the government does not interfere with business. True or False
What is - False
300
A tax the government collects when a person dies; it only applies when everything the deceased person owned is worth a lot of money.
What is - estate tax
400
Gives the U.S. government the power to prevent companies from merging together if the merger will reduce competition.
What is - Clayton Antitrust Law of 1914
400
The tax you pay on money you have received from various sources.
What is - income tax
400
The more income or profit a person or company has, the higher tax rate they pay.
What is - Progressive taxes
400
A tax the seller owes to the government on certain products; often called “hidden” taxes.
What is - excise tax
400
The federal government’s health care system for people age 65 and over.
What is - Medicare / Medicaid
500
What are two types of taxes you might pay when you BUY something?
What is - sales tax, excise tax, or tariffs
500
The government agency created in 1914 to stop companies from competing unfairly.
What is - Federal Trade Commission (FTC)
500
What are three types of taxes you might pay out of your INCOME?
What is - Social Security tax, Medicare tax, and income tax
500
Prohibits companies from any activity “in restraint of trade,” meaning activity that reduces competition.
What is - Sherman Anti-Trust Act of 1890
500
Give examples of three different types of government services.
What is -keeping people safe; education; helping those in need; taking care of infrastructure (roads, bridges, air-traffic control), etc.