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What is the name given to the connection of interest groups, congressional committees, and bureaucracies?
FICA Tax
A U.S. federal payroll tax that funds Social Security and Medicare, required to be paid by both employees and employers.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Labor
The human effort, including both physical and mental, used in the production of goods and services.
Excise Tax
A tax charged on specific goods and services, such as gasoline and alcohol.
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