Father Says, "Earn a B-Average on Your Next Report Card

question 130

Multiple Choice

Father says, "Earn a B-average on your next report card and I'll help you buy a car." An economist would say that this parent is providing his child a(n)

• A) study disincentive.
• B) reason to slack off and not worry about her grades.
• C) bribe.
• D) incentive.

Describe the primary sources and categories of federal tax receipts.

Calculate and understand average and marginal tax rates.

Recognize the demographic trends affecting government budget deficits.

Identify the relationship between income levels, tax burdens, and equity in a tax system.

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Definitions:

Macroeconomics

The branch of economics that studies the behavior and performance of an economy as a whole, focusing on aggregate outcomes such as economic growth, inflation, and unemployment.

National Income

The total income earned by a country's people and businesses, including wages, rent, interest, and profits.

Minimum Wage

The lowest legal hourly pay rate that employers can pay their workers, which is set by government law.

Price of Soybeans

The current market value at which soybeans can be bought or sold.