Chapter 8
With _____, labor and management agree to abide by a third party's decision.
Arbitration
The ______ of a tax is the final burden of the tax.
Incidence
What is a fiscal period consisting of 12 consecutive months?
Fiscal Year
What is a moneyless economy that relies on trade?
Barter Economy
A ____ plan is a tax-deferred investment plan that acts as a personal pension fund for employees.
401(K)
The ____ ___ requires that employers hire only union members selected by the union.
Closed Shop
The ___ - __ - ___ principle is the belief that people should be taxed according to their ability to pay, regardless of the benefits they recieve.
Ability-to-pay
What is the annual plan outlining proposed revenues and expenditures for the coming year?
Federal Budget
A ________ ______ the mechanism designed to keep the money supply, portable, and durable.
Monetary Standard
_____ markets have financial assets with maturities of more than one year.
Capital
What are the four noncompeting level grades?
unskilled labor, semiskilled labor, skilled labor, and professional labor
A __ __ is a high-percentage tax that raises revenue while reducing consumption of a socially undesirable product.
Sin Tax
What is the social welfare program that people are "entitled to" if they meet certain eligibility requirements?
Entitlement
_____ is any substance that serves as a medium of exchange.
Money
____ markets have assets with maturities of less than one year.
Money
The _____ ___ has lost much of its purchasing power because of inflation.
Minimum Wage
A _______ tax is one that imposes a higher percentage of tax on persons with higher income.
Progressive
Purchasing power is transferred from the ____ ____ to the ____ _____.
Private Sector; Public Sector
_____ money were used extensively in colonial America.
Commodity
Assets traded in _____ markets are those that have to be redeemed by the issuer.
Primary
The _____ ___ requires that workers pay dues to the union, but does not require the workers to join, even though the union represents all works.
Agency Shop