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ap micro unit 5 test
| Question | Answer |
|---|---|
| is measured by the number of people below a certain level of income that defines the income needed for a basic standard of living. | poverty |
| compares the share of the total income (or wealth) in society that is received by different groups. | income inequality |
| occurs when government-support payments for the poor decline as the poor earn more income. | poverty trap |
| The group of government programs that assist the poor are called | safety net |
| In the United States, prominent safety net programs include: | TNAF, SNAP, EITC, MEDICAID, WIC |
| A graph of income inequality that shows the percentage of a country’s income earned by a percentage of a country’s households | lorenz curve |
| compares the area between the line of equity and a Lorenz curve with total area under the line of equality | gini coefficient |
| Policies that can affect the level of economic inequality include_____between rich and poor, making it easier for people to climb the ladder of opportunity; and estate taxes, which are taxes on inheritances. | redistribution |
| Dividing a group into fifths, a method often used to look at distribution of income | quintiles |
| The sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home | wealth |
| Type of taxes in which people with higher incomes pay a larger proportion of their income than people with lower incomes do | progressive taxes |
| Type of taxes in which people with higher incomes pay the same proportion or percentage, of their incomes as people with lower incomes do | proportional taxes |
| Types of taxes in which people with lower incomes pay a larger proportion of their income than people with higher incomes do | regressive taxes |
| A sales tax is considered a regressive tax because it has a more serious impact on the _____ people than on ______ people. | poor, rich |
| The U.S. personal income tax is considered a progressive tax because the rich pay a______ percentage of their income in taxes than the poor do. | higher |
| a tax charged on each unit of a good or service that is sold, one of the typical reasons for this tax is to discourage consumption of the good | excise tax |
| federal program that provides health coverage if you are 65 or older or have a severe disability | medicare |
| is a state and federal program that provides health coverage if you have a very low income. | medicaid |
| Total FICA Tax is 7.65% that is applied to the employee’s gross pay. What taxes are includes in FICA taxes _____ and_____ _______ | medicare, social security |
| What are the economic functions of a government? PMRPLMR Pretty Mary Read Poetry Last Moring in the Rain | protection of private property, maintaining law and order, raising taxes, providing public services, limiting market failure, macroeconomics management, and reducing inequality/poverty |
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