Public vs. Private
For a good to be a private good, it must be what
Excludable and Rival
When a tax is placed on a country to specifically help a small group, we call this __________ policy
What is distributive
Free Market Economy
In the year 2005 the federal government spent about 2.4 trillion, billion, or million
What is 2.4 trillion
Other than taxes, the government raises money through fees for hunting licenses, fines for traffic tickets, and license plate fees.
What is TRUE
What does the term excludable mean when referring to private goods
If one cannot afford it, they cannot own it.
Give an example of distributive policy
Transcontinental Railroad
Public Highways
Public Education
Why do free market economies not worry about protecting values (AKA overprising goods)
The laws of supply and demand/the consumer will decide its worth
The largest source of revenue for the federal government
What is income tax
When you receive your paycheck, are you getting your gross pay of net pay?
Net Pay
Is the air we breathe a public or private good?
Public Good
If a small group of people are taxed to support a larger group, it is known as ________ policy
Regulatory Policy
What are libertarians
The purpose of taxes is to
What is raise money for government spending/public projects
If you live in Texas, you will not have a ______ tax taken out of your paycheck
What is a state tax
If someone is on the free riders program, it means that they are...
Enjoying the benefits of a good without having to pay for them
When funds/taxes are collected from a wealthy group and benefits a less wealthy group, we call this ___________ policy...
Redistributive Policy
Economists consider goods like cable TV, cellphone service, and private schools to be...
Toll Goods
This type of tax is placed on certain items such as cigarettes, gasoline, and tobacco.
What is an excise tax
This type of tax is also known as the "death tax"
What is estate taxes
When a good has reached the point where it no longer can make a profit on its sales and becomes useless. You can say that the product has reached...
What is market failure
Give an example of redistributive policy
Medicaid
Food Stamps
Head Start
WIC
The situation in which individuals exhaust a common resource by acting in their own immediate self-interest is called
Tragedy of Commons
This an income reduction which is put aside for you, in which you will receive when you retire
What is a 401K
Which two deductions within your paycheck are nontaxable as well as variable in how much you want to pay.
What is your 401K and your Health Care