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Markets & Gov't
for Economics
| Question | Answer |
|---|---|
| This type of tax imposes the same percentage rate of taxation on everyone, regardless of income. Example? | Proportional Tax (ex. local income tax) |
| This type of tax imposes a higher percentage rate of taxation on higher incomes than on lower ones. Example? | Progressive Tax (ex. federal income tax) |
| This type of tax imposes a higher percentage rate of taxation on lower incomes than on higher ones. Example? | Regressive Tax (ex. sales tax) |
| What is the name of the government agency responsible for managing the federal income tax? | The Internal Revenue Service |
| What is the name for an expense that you are not required to pay taxes for according to current tax law? | Tax Deduction |
| What is the name of money that your receive back from the government if you paid more than the required amount for the previous years taxes? | Tax Return |
| What are two kinds of federal payroll taxes (money withheld from you paycheck) other than federal income tax? | Social Security and Medicare |
| This kind of tax is paid by publicly traded businesses for profits made during the year. | Corporate Income Tax |
| This kind of tax is levied on the manufacture or sale of selected items such as gasoline, alcohol, or cigarettes. | Excise Tax |
| This kind of tax is levied on the transfer of property when a person dies. | Estate Tax |
| This kind of tax is charged on goods brought into the United States from another country. | Customs Duties |
| What kind of tax on trade is prohibited under the U.S. Constitution? | Export Taxes |
| This kind of tax is charged on the transfer of money or wealth from one person to another | Gift Tax |
| What is the name for the dollar amount that tax payers may automatically subtract from their income before income tax is applied | The Standard Deduction |
| Name three factors that influence the legal minimum wage rate by location? | Federal law, cost of living, inflation, political party in power, labor supply in a given market or industry |
| What is the current federal minimum wage, first going into effect in 2009? | $7.25 per hour |
| Name two common arguments in favor of increased minimum wage? | Increased standard of living, Increased consumer spending, reduced poverty |
| Name two common arguments opposed to an increased minimum wage? | Increased inflation, loss of jobs, no actual effect on poverty or standard of living |
| What are three strategies regularly employed by labor unions to leverage their bargaining power? | Strikes, picketing (protest), boycotts |
| What is the name for the kind of law that allows individuals to seek employment regardless of union affiliation or non-affiliation? | Right-to-work laws |
| This is a type of labor agreement where an employer can only hire employees who are already members of the union representing the workforce | Closed Shop |
| This is a type of labor agreement where the employer agrees to either only hire labor union members or to require that any new employees who are not already union members become members | Union Shop |
| This is a type of labor agreement where all employees, whether union members or not, contribute to the union's cost of representing them through a service fee | Agency Shop |
| This 1938 law that established minimum wage, overtime pay requirements, recordkeeping, and child labor standards for most employees in private and public sector work | The Federal Labor Standards Act |
| This 1935 law established the legal right for most private-sector workers to organize into unions and engage in collective bargaining. | The Wagner Act (National Labor Relations Act) |
| This 1932 law prohibited employers from denying employment on the basis of union membership (yellow-dog contracts) | The Norris-LeGuardia Act |
| This is one of the two key tools for managing the economy: the government's use of spending and taxation to influence the economy. | Fiscal Policy |
| This is one of the two key tools for managing the economy: the nation's central bank influences the money supply and credit conditions in the economy | Monetary Policy |
| Use of gov't budgetary tools to reduce economic growth (inflation) via reduced gov't spending and/or increased taxation | Contractionary Fiscal Policy |
| Use of gov't budgetary tools to stimulate economic growth via increased gov't spending and/or decreased taxation | Expansionary Fiscal Policy |
| Economic policy actions taken to reduce the money supply by raising interest rate and/or raising reserve requirements for banks | Contractionary Monetary Policy |
| Economic policy actions taken to increase the money supply by lowering interest rate and/or decreasing the reserve requirements for banks | Expansionary Monetary Policy |
| This 1890 law prohibited any contract, combination, or conspiracy in restraint of trade or commerce, including attempts at monopolization. | the Sherman Antitrust Act |
| This 1914 law prohibited specific anti-competitive practices like price discrimination, exclusive dealing agreements, tying contracts, and corporate mergers that substantially lessen competition. | the Clayton Antitrust Act |
| This 1914 law established a gov't agency to prevent unfair methods of competition and unfair or deceptive acts or practices affecting commerce | the Federal Trade Commission Act |
| This 1936 law prohibited price discrimination in interstate commerce, specifically for commodities. It was designed to protect small retailers from large chain stores. | the Robinson-Patman Act |
| This is the term for the average difference between the remuneration (earnings/payment) for different groups (gender/race/age, etc...) who are employed | the Wage Gap |
| This kind of organization works for its members' interests concerning pay, working hours, and health coverage, etc... | Labor Union |
| This is the privately owned, publicly controlled, central bank of the United States responsible for managing the nation's monetary policy and supervising the banking system | Federal Reserve System (the Fed) |
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dosselaer
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