National Debt
When the federal government spends more than it brings in.
Deficet
The tax rate that is paid to Social Security
6.2%
Tax in which the tax rate increases as the amount that is able to be taxed goes up.
Progressive Tax
How many Federal Reserve banks does the United States have?
12
What does Supply Side economics call for the government to do?
Lower federal tax rates to incentivize having a higher income.
Money that is owed or due.
Debt
The age where you are able to start drawing Social Security.
62
Tax where the rate is fixed.
Proportional Tax
What regional Federal Reserve bank serves Middle TN?
Atlanta Federal Reserve Bank
What would a Classical Economic thinker ask out of the government?
To not get involved in the economy.
When the government collects more money than it spends.
Surplus
Federal health insurance plan for people age 65 or older.
Medicare
A tax that goes down as the income goes up.
In some cases, you will stop paying that certain tax as a whole.
Regressive Tax
What can the Federal Reserve do to help combat inflation?
Alter Interest Rates
Economies' ability to produce a particular good or service at a lower opportunity cost than its trading partners
Comparative Advantage
All spending that does not go through the federal budget committee
Mandatory Spending
Federal health insurance for low-income households.
Medicaid
What is an example of a Progressive Tax?
Federal OR State Income Tax
What is meant by the Federal Reserve supervising and regulating banks?
They look for behavior that is not ethical for a bank to do.
A government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period.
Quota
Spending that goes through the federal budget committee.
Discretionary Spending
What is the issue that Social Security is running into? What are some of the solutions that have been talked about?
People are living longer and more money is being given to Social Security beneficiaries compared to what it brings in from taxes.
Raise the Tax Rate
Decrease Benefits
Social Security Tax, Medicare
What kind of relationship do Interest Rates and Inflation have?
As one goes down the other goes up
OR
As one goes up one goes down
An official ban on trade or other commercial activities with a certain country.
Embargo