ap micro unit 5 test
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| 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
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| compares the share of the total income (or wealth) in society that is received by different groups. | income inequality
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| occurs when government-support payments for the poor decline as the poor earn more income. | poverty trap
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| The group of government programs that assist the poor are called | safety net
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| In the United States, prominent safety net programs include: | TNAF, SNAP, EITC, MEDICAID, WIC
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| 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
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| compares the area between the line of equity and a Lorenz curve with total area under the line of equality | gini coefficient
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| 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
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| Dividing a group into fifths, a method often used to look at distribution of income | quintiles
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| 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
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| Type of taxes in which people with higher incomes pay a larger proportion of their income than people with lower incomes do | progressive taxes
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| 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
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| Types of taxes in which people with lower incomes pay a larger proportion of their income than people with higher incomes do | regressive taxes
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| A sales tax is considered a regressive tax because it has a more serious impact on the _____ people than on ______ people. | poor, rich
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| 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
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| 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
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| federal program that provides health coverage if you are 65 or older or have a severe disability | medicare
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| is a state and federal program that provides health coverage if you have a very low income. | medicaid
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| 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
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| 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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