What is an ideal market structure in which buyers and sellers each compete directly and fully under the laws of supply and demand? (Example: Salt Industry)
Perfect/Pure Competition
100
tax levied on the wages, salaries, and other income of individuals
Individual Income Tax
100
use of government spending and revenue collection measures to influence the economy
Fiscal Policy
100
How many members did Congress establish for the Board of Governors?
7
100
What is a moneyless economy that relies on trade?
Barter Economy
200
What is a market structure in which a few large sellers control most of the production of a good or service? (Examples: airline industry, soft drink industry, auto industry)
Oligopoly
200
system that automatically deducts income taxes from paychecks on a regular basis
Payroll Withholding System
200
general state or city tax levied on a product at the time of sale
Sales Tax
200
How many Federal Reserve District Banks are there today?
12
200
What is any substance that serves as a medium of exchange, a measure of value, and a store of value?
Money
300
What is a market in which competition is inconvenient and impractical, and thus efficiency is best achieved by a single seller?
Natural Monopoly
300
tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts
Property Tax
300
branch of Treasury Department that collects taxes
Internal Revenue Service
300
What has 12 voting members and makes decisions about the growth of money supply and the level of interest rates?
FOMC (Federal Open Market Committee)
300
What is money that has an alternative use as an economic good, or commodity? (Example: the compressed tea leaves could be made into tea when not needed for trade)
Commodity Money
400
What is a market that is dominated by a single producer because of new technology it has developed? (Hint: it involves patents and copyrights)
Technological Monopoly
400
annual plan outlining proposed expenditures and anticipated revenues
Federal Budget
400
document attached to a paycheck summarizing pay and deductions
Payroll Withholding Statement
400
What is the expansion or contraction of the money supply in order to influence the cost and the availability of credit?
Monetary Policy
400
What is money by government decree such as the tiny, metallic coins used in Asia Minor in the 7th century? These coins served as money largely because the government said they were money.
Fiat Money
500
What is a market whose geographic area is so limited that a single seller can control an item's manufacture sale, distribution, or price?
Geographic Monopoly
500
annual government spending in excess of taxes and other revenues
Deficit Spending
500
federal spending authorized by law that continues without the need for annual approvals of Congress
Mandatory Spending
500
What is a rule stating that a percentage of every deposit be set aside as legal reserves?
Reserve Requirement
500
What is a standard unit of currency, in the U.S. money system?