Taxes
What is a Progressive Tax? Ex?
The higher income pays a higher percentage in tax.....Income tax
What is a Budget Surplus? Debt?
Income exceeds spending......Decreases Debt
What is Fiscal Policy?
Govt influence in the economy through spending and taxes
What is Monetary Policy?
A nations central bank to control the amount of money and interest
Price Floor and Price Ceiling is what?
Price floor is at the top and causes a Surplus
Price Ceiling is at the bottom and causes a Shortage
What is a Regressive Tax? Ex?
The lower income pays a higher percentage in tax..... Sales Tax
What is a Budget Deficit? Debt?
Spending Exceeds income.... Increasing Debt
During inflation, if the govt is increasing taxes what is the govt doing with spending?
Decrease Spending
During a recession, if the money supply is increasing what is the interest doing?
Decreases
Another term for different products that are similar is called what?
Monopolistic Competition
What is a Proportional Tax? Ex?
Everyone pays the same percentage regardless of income....property tax
Balanced Budget
Income equals spending
During a recession, if the govt is decreasing taxes what is the govt doing with spending?
Increasing spending
During a recession, if the money supply is decreasing what is the interest doing?
Increasing
What Market Structure is Identical?
Perfect/Pure Competition
What is a Excise Tax? Ex?
Tax on Gasoline, alcohol and cigarettes
National debt is what.....
Govt owes money because they borrowed it from another country
During inflation, if the debt is decreasing what is the budget?
Surplus (extra money )
What is the formula for Money supply and Interest Rates?
IR MS
Increasing Decreasing
Decreasing Increasing
Federal Deposit Insurance Corporation(FDIC) is what
Protects the savings of people who deposit their money in banks
What type of taxes are in the Federal Govt Revenue/
Income, Corporate, Excise, and FICA(Social Security, Medicare)
Medium of Exchange
Standard of Value
Store value is what????
Anything accepted as a payment
Numerical Digits given to know the worth
Money that can be kept, saved, set aside for later
During a recession, if the debt is increasing what is the budget?
Deficit (losing money)
What is another term for Federal Funds Rate?
Interest Rates, Banks charging each other for loans
There are 4 organizations of structures of the Fed, what are they?
Board of Governors
Federal Open Market Committee(FOMC)
Federal Reserve District banks
Private/Member Banks