Ch. 8
Ch. 9
Ch. 10
Ch. 11
Ch. 12
100
Who are workers that have skills to operate machines but only require a minimum amount of training?
What is semiskilled labor
100
What is FICA?
Social security and medicare
100
How much of the nation's GDP (output) comes from all levels of government?
a third
100
What are the characteristics of money?
durable, portable, divisible
100
Name 5 nonbank financial intermediaries
life insurance companies, finance companies, mutual funds, pension funds, real estate investment trusts
200
Wages based on the supply and demand of a worker's skills is called this
Traditional theory of wages
200
What is a flat tax?
Everyone pays the same percentage
200
Give an example of mandatory spending.
social security medicare, interest payments
200
What happens when money is too plentiful?
it loses its value
200
Who are the largest borrowers of money?
government and businesses
300
What type of labor has knowledge based education and managerial skills?
What is professional labor
300
What gives Congress the power to tax?
The 16th amendment
300
Name examples of transfer payments
social security, subsidies of farmers, grants in aid for highway construction
300
What is the FDIC?
it is insurance to protect American's savings
300
What is the advantage of purchasing bonds?
They pay a fixed interest rate over a specified period of time
400
What is a right to work state?
Workers are not required to join their company's union
400
What type of tax system does the United States have and how does it work?
progressive tax - the more you make the higher percentage you pay
400
What legislation was intended to balance the federal budget?
Gramm-Rudman-Hollings Bill
400
In the 1800, Banks that printed too much money were called this
wildcat
400
Stock transactions that take place immediately at the market price is called _____________.
spot market
500
What is arbitration?
An agreement between two parties to put a dispute before a 3rd party for a binding settlement.
500
What is incidence of tax?
those who bear the burden of taxation
500
What is the sequence for approval of the federal budget?
President, congress, back to the president
500
When was the Federal Reserve System established?
1913
500
Where are most stocks traded?
over-the-counter
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