Government Roles
In 1972, Congress created the Consumer Product Safety Commission to protect Americans against undue risks associated with consumer products
What is an example of the governments role in protecting consumers?
Taxes
What is the government’s main source of income?
$33,354,784,287,271
What is the current US National Debt?
A unit of government created to set and enforce standards for a particular industry or area of economic activity.
regulatory agency
5' 3.5"
How tall is Ms.Harris?
smoke from a factory
What is an example of an externality?
True or False: Americans, today, are being taxed at the highest rate of US history
False
This biblical form of debt forgiveness was done at a small scale in Iceland.
What is a Jubilee?
The combining of two or more separately owned firms into a single firm.
What is a merger?
The Bourgeoisie
Who do the birds work for?
Eminent Domain
What is an example of the Government's role in protecting property rights?
tax remains FIXED as income increases
What is a proportional tax?
A limit congress imposes on how much national debt the federal government can carry at any given time
What is the debt ceiling?
The process of removing government restrictions on firms in order to promote competition or encourage economic activity.
What is deregulation?
5' 6"
How tall is Caleb?
Most people want the government to provide public goods, such as national defense, streetlights, and emergency services. But as the scarcity-forces-tradeoffs principle reminds us, no government has the resources to provide everything that people might want. It has to make choices.
What is the Government’s Role in Providing Public Goods?
a tax that takes a smaller share of income as income increases.
What is a Regressive tax?
Expenditures that may be raised or lowered as Congress sees fit.
What is discretionary spending?
A resource that everyone has access to and that can be overused or destroyed. Examples include the atmosphere, and the oceans.
What is a common resource?
China
Who does the United states owe te most money to?
Another goal of DOL is protecting workers' physical well-being. To do this the federal government uses Occupational Safety and Health Administration. OSHA sets safety and health standards for industries. When you see construction workers wearing hard hats or highway workers wearing reflective vests, you can be sure OSHA standards are involved. Since OSHA was established in 1971, workplace fatalities have decreased by more than 60 percent and injury rates by 40 percent.
What is the Department of Labor?
a tax that takes a larger share of income as income increases.
What is a progressive tax?
These types of taxes are typically levied on goods and services a government wants to regulate. For example, alcohol and cigarettes are taxed to discourage their use.
What are excise taxes?
This illegal practice occurs when competitors agree on a price for a good or service.
What is price fixing?
Yes or no?
Maybe