Test: What is Economics?

What does the government collect to pay for the services it provides?

What is corporate tax?

• The tax businesses must pay on the money they earn each year.

• Taxes that fund programs like social security and Medicare, employers take this out of their employees' paycheck.

• This tax is a percentage of each person's earned income.

• None of the above.

Although the public will not like it, what can be raised to reduce the costs of Medicare and social security?

Within the U.S. budget, non-discretionary spending is referred to as mandatory spending and includes spending on social service programs, such as social security, Medicaid and Medicare. Funding for research and defense is considered ___________ spending.

Good decisions with taxpayer money will lead to what kind of approval rating?

What is income tax?

• The tax corporations must pay on the money they earn each year.

• Taxes that fund programs like social security and Medicare, employers take this out of their employees' paycheck.

• This tax is a percentage of each person's earned income.

• None of the above.

What is payroll tax?

• The tax corporations must pay on the money they earn each year.

• Taxes that fund programs like social security and Medicare, employers take this out of their employees' paycheck.

• This tax is a percentage of each person's earned income.

• None of the above.

Economics is the study of decisions people make to meet ______ and ______.

• deadlines, inflation

• needs, wants

• standards, goals

• None of the above

_____ are things that you must have to live or stay healthy and safe.

• Needs

• Wants

• Opportunity costs

• None of the above

_________ are things you would like to have.

• Needs

• Wants

• Opportunity costs