Gov Econ Final Exam

At this level of devel. a country may have no set monetary system

Television, radio, newspapers, the internet, etc.

the production of goods/services that can be produced at a lower opp. cost

this is the tax rate applied to each additional dollar of income

This clause guarantees that the government can not mandate a religion

ability to make a good or service with fewer inputs than another individual, company, or nation

tax on donations of money paid by the person who makes the gift. 

The federal income tax is an example of this type of tax

idea that taxpayers with similar abilities to pay taxes should pay the same amounts

reduction of the econ well-being of taxpayers in excess of the amt. of rev raised by the gov.

a legal way to avoid paying taxes

formed in 1944 by countries wanting to set up an int. system of fixed exchange rates

The legal and illegal export of a nation’s currency and foreign exchange

This level of government has the power to set election law, such as residency requirements

Tax on goods brought into the country from another country

an excess of government receipts over government spending.

high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers

Medicare, medicaid and social security taxes are part of?

C + I + G + (X-M) =

limit on the quantity of a good that can be produced abroad and sold domestically

idea that people should pay taxes based on the benefits they receive

The written declarations of a political party

the price that prevails in the world market for that good

this is the largest source of revenue for the federal government

Benjamin Franklin stated there were 2 certainties in life.  

tax on the transfer of property when a person dies.  Range from 18-55 percent.

all of the following are ex of an effective tax criteria except

tax on goods produced abroad and sold domestically.

funds from fed govt to help welfare, education, highways, health and hospitals).  

taxes should be levied on a person according to how well that person can handle the tax.