Chapter 5: Your Role in The Economy

Highway construction, police protection, & national defense are examples of __________ goods & services.

A ______________ economic system is based on subsistence, customs & tribal beliefs.

Earnings after all costs of production have been paid.

Today, most of the world's economies would be categorized as...

Which of the following programs is administered by the Social Security Administration?

The federal government's power to collect income taxes was granted by the...

Which is a public assistance program that provides nutrition education & food to pregnant women & infants?

Counties, townships, cities & boroughs are examples of government at the __________ level.

The federal income tax is proportional.

Characteristics of the American economic system include all of the following except....

Goals of the American economic system include all of the following except...

Economic Systems develop in response to the problem of...

In general, most revenue at the state & local level is spent on education.

One purpose of taxation is to redistribute income.

An organized refusal to buy a product or service.

Public goods & services are those that federal, state & local governments provide to citizens.

The rivalry between one or more businesses that offer similar goods & services.

The U.S. tax system is used for all of the following except..

Government acts to incentivize consumer & corporate actions.

A high income family & a low income family both pay the same dollar amount when paying a particular tax...

An estate/gift tax may be owed by someone who receives a gift exceeding a certain dollar amount.

A society's economic resources include all of the following EXCEPT...

People with income at the lowest level, typically pay no income tax.

Another term for a free market economy is a(n) _____________ system.

The largest source of federal government revenue comes from..

The quantity of a particular good or service that consumers are willing & able to buy @ a given price.

Which of the following is a public assistance program that provides health-related services to low income/needy people?

A flat tax is a tax for which everyone owes the same dollar amount.

_________________ look at how societies use resources to produce & distribute goods & services.

Which statement is TRUE?