Economics Review Unit 3 Part C

Every taxpayer pays the same amount regardless of income.

(Example: Sales Tax)

• Proportional Tax

• Excise Tax

• Income Tax

• Regressive Tax

The higher the income the more you pay in taxes

• Sales Tax

• Income Tax

• Progressive Tax

• Regressive Tax

The lower the income the less you pay in taxes

• Excise Tax

• Progressive Tax

• Income Tax

• Regressive Tax

Who pays Social Security taxes?

• Employer

• Both the employee and the employer

• Employee

• Neither the employer or the employee

What is a tax that a person pays on his/her income?

• Sales Tax

• Excise Tax

• Income Tax

• Progressive Tax

What is a tax imposed by the government at the point of sale on

retail goods and services ?

• Regressive Tax

• Progressive Tax

• Excise Tax

• Sales Tax

Health insurance for the elderly or disabled

• Personal Insurance

• Medicare

• Medicaid

• HMO

Insurance based on income

• Medicare

• Personal Insurance

• HMO

• Medicaid

What are goods produced in one country and sold to other countries called?

• Imports

• Exports

• Traded goods

• Intermediate Goods

What is a law passed to limit free trade between nations?

• Embargo

• Stoppage

• Cartel

• Progressive Tax