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Unit 3 Mid-Review Flashcards | StudBud
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Unit 3 Mid-Review
Unit 3 Mid-Review
16 terms
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StudBud Administration
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Unions, Labor Movement, & Taxes!
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
What might you tax as an excise (sin) tax?
Inheritance
Real estate
Gasoline
Charitable donations
2
If the sales tax is set at 7%, what kind of tax is it?
Progressive
Flat
Regressive
Proportional
3
The largest percentage of government revenue comes from...
Payroll taxes
Sales taxes
Corporate taxes
Income taxes
4
What is the "extra usefulness" you get from buying ONE MORE of a product?
A change in quanitity demanded
The law of demand
Marginal utility
Unit elasticity
5
Computer programmers are an example of what kind of labor?
Professional
Semiskilled
Skilled
Unskilled
6
During a half-off sale at a shoe store, people buy more shoes than usual. What does this event show?
The substitution effect
The inelasticity of demand
The law of demand
A shift in the demand curve
7
Payroll taxes are the only tax that comes directly from your paycheck.
False
True
8
If the government
raises the tax on an input,
what happens to supply/demand?
Demand shifts to the right
Supply shifts to the right
Demand shifts to the left
Supply shifts to the left
9
A tax that takes a larger percentage of income from high-income groups than from low-income groups is...
Flat
Proportional
Regressive
Progressive
10
Which of these is NOT a type of union shop?
Closed Shop
Agency Shop
Union Shop
Collective Shop
11
A
mass refusal to buy products from targeted employers/companies is called...
A walkout
A strike
A picket
A boycott
12
If the government
lowers the tax of a product
, what happens to supply/demand?
Demand shifts to the right
Supply shifts to the right
Demand shifts to the left
Supply shifts to the left
13
As price decreases, supply...
Stays the same
Decreases
Increases
14
Which tax is nicknamed the "Death Tax"?
Excise tax
Property tax
Payroll tax
Estate tax
15
The two payroll taxes are
Medicare
and
Medicaid
.
False
True
16
What is Macroeconomics?
Economics of one single good or service.
Economics on a grand scale that covers the economy as a whole.
Economics of production.
Economics that focuses on one specific market or company.
