Monetary Policy
Fiscal Policy
Taxes
Forms of Taxes
?
100
What is another name for the Federal Reserve?
"The Fed"
100
Def: Government decisions on __________ and __________ to help improve the economy
Spending and Taxation
100
Where in the constitution does it grant the government the power to tax??
Article 1, Section 8, clause 1
100
This type of tax takes a LARGER percentage from the poor than from the rich
Regressive
100
How many hearts does an octopus have?
3
200
How many people sit on the FOMC?
12.
7 members and 5 bank presidents
200
What 2 things happen when we enact a CONTRACTIONARY policy?
Increase taxes and decrease spending
200
What kind of tax would I pay on anything regarding RETAIL?
Sales Tax
200
A person making 50k pays a 15% income tax. Their take-home pay would be.......
42,500
200
How many teeth do adult humans have?
32
300
What are the 6 things that the Federal Reserve does?
1. Check clearing
2. Government auctions
3. Issues Currency
4. Federal Govt banker
5. lending practices
6. Lender of last resort
300
Who came up with KEYNESIAN theory? (FULL name)
John Maynard Keynes
300
The government may not tax _____________
Exports
300
Income tax in the US is an example of which form of tax?
Progressive
300
Which member of the beatles married Yoko Ono?
John Lennon
400
What are the 3 tools of the FED?
Reserve requirement
Discount Rate
Open Market Operations
400
More $ = More ___________
More _________ = more production
More production = more __________
Demand, Jobs
400
What are the 5 Different types of taxes?
Payroll
Excise
Income
Sales
Property
400
an Example of this would be "Flat Tax"
Proportional Tax
400
Amelia Earhart
500
If we want to INCREASE the money supply, what 3 things would we do to enact EASY MONEY POLICY
DECREASE reserve requirement
DECREASE discount rate
BUY bonds
500
What are the 2 problems with Fiscal Policy?
1. It is not popular among elected officials
2. If government cuts taxes, they have less money, thereby increasing DEBT.
500
If you pay a 8% sales tax, on a product that is $225. What would your total be?
243
500
When you go and buy clothes at the store and pay sales tax on them, you are paying which FORM of tax?
Regressive
500
What are the furthest 3 planets in the solar system?
Saturn, Uranus, Neptune