Test: What is Economics?

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

(a)  

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?

(a)  

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 (a)   spending.

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

(a)  

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