Taxes
General tax on most consumer products?
Sales Tax
Action taken by the government to influence the economy?
Fiscal Policy
Action taken by the Fed to influence the economy?
Monetary Policy
Tax on the wages and income of individuals?
Income Tax
Who invented the fiscal policy known as Keynesian economics?
John Keynes
Any bank belonging to the Fed?
Member bank
What government entity collects taxes?
Internal Revenue Service (IRS)
Price when quantity supplied equals quantity demanded.
Equilibrium price
The price of credit to a borrower?
Interest rate
Tax designed to reduce consumption of an undesirable good?
Sin Tax
List any of the governments entitlement programs?
Medicare, Medicaid, Social Security, or Unemployment.
Currency
Equal tax on income after a specific threshold has been met?
Flat Tax
What 2 policies does fiscal policy go with.
Demand side policy and Supply side policy.
What is the reserve requirement?
The amount of money that must be set aside from a deposit?