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Unit 7B (MC) The Free Enterprise System

front 1

A ______________ occurs when spending equals revenue.

back 1

balanced budget

front 2

What shows an economy's production after the distortions of price increases have been removed?

back 2

real GDP

front 3

___________ programs provide health, nutritional, or income
payments to people meeting certain eligibility requirements.

back 3

Entitlement

front 4

What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them?

back 4

exclusion

front 5

This type of tax takes the same percentage of income from everyone regardless of their earnings.

back 5

proportional

front 6

Which laws are designed to control monopoly power and to preserve and promote competition?

back 6

Antitrust

front 7

Which act established the Federal Deposit Insurance Corporation?

back 7

Glass-Steagall Banking Act

front 8

When passed by Congress, _________ become laws that authorize spending for a particular activity.

back 8

appropriations bills

front 9

The_______________is deducted from a worker's paycheck to fund Social Security and Medicare.

back 9

payroll tax

front 10

The ____________ is the interest rate the Federal Reserve charges on its loans.

back 10

discount rate