Answer the Following Questions

question 61

Multiple Choice

Answer the following questions :
-tax revolt

• A)A cartel formed in 1960 by the Persian Gulf states and other oil-rich developing countries that allowed its members to exert greater control over the price of oil.
• B)A period of fuel shortages in the United States after the Arab states in the Organization of Petroleum Exporting Countries (OPEC)declared an oil embargo in October 1973.
• C)Activist movement begun in the 1960s that was concerned with protecting the environment through activities such as conservation,pollution control measures,and public awareness campaigns.In response to the new environmental consciousness,the federal government staked out a broad role in environmental regulation in the 1960s and 1970s.
• D)Book published in 1962 by biologist Rachel Carson.Its analysis of the pesticide DDT's toxic impact on the human and natural food chains galvanized environmental activists.
• E)An annual event honoring the environment that was first celebrated on April 22,1970,when 20 million citizens gathered in communities across the country to express their support for a cleaner,healthier planet.
• F)Federal agency created by Congress and President Nixon in 1970 to enforce environmental laws,conduct environmental research,and reduce human health and environmental risks from pollutants.
• G)A nuclear plant near Harrisburg,Pennsylvania,where a reactor core came close to a meltdown in March 1979.After the incident in this location,no new nuclear plants were authorized in the United States,though a handful with existing authorization were built in the 1980s.
• H)An economic term coined in the 1970s to describe the condition in which inflation and unemployment rise at the same time.
• I)The dismantling of manufacturing-especially in the automobile,steel,and consumer-goods industries-in the decades after World War II,representing a reversal of the process of industrialization that had dominated the American economy from the 1870s through the 1940s.
• J)The once heavily industrialized regions of the Northeast and Midwest that went into decline after deindustrialization.By the 1970s and 1980s,these regions were full of abandoned plants and distressed communities.
• K)A movement to lower or eliminate taxes.California's Proposition 13,which rolled back property taxes,capped future increases for present owners,and required that all tax measures have a two-thirds majority in the legislature,was the result of one such revolt,inspiring similar movements across the country.
• L)A measure passed overwhelmingly by Californians to roll back property taxes,cap future increases for present owners,and require that all tax measures have a two-thirds majority in the legislature.This measure inspired "tax revolts" across the country and helped conservatives define an enduring issue: low taxes.
• M)Term referring to the 1972 break-in at Democratic Party headquarters in the Watergate complex in Washington,D.C. ,by men working for President Nixon's reelection campaign,along with Nixon's efforts to cover it up.This scandal led to President Nixon's resignation.
• N)A law that limited the president's ability to deploy U.S.forces without congressional approval.Congress passed this act in 1973 as a series of laws to fight the abuses of the Nixon administration.
• O)Passed in the wake of the Watergate scandal,the 1974 act gave citizens access to federal records.
• P)Passed in the wake of the Watergate scandal,the 1978 act forced political candidates to disclose financial contributions and limited the lobbying activities of former elected officials.
• Q)The limiting of regulation by federal agencies.Prices in the trucking,airline,and railroad industries were not regulated beginning under President Carter in the late 1970s,and Reagan expanded this lack of regulations to include cutting back on government protections for consumers,workers,and the environment.
• R)Policies established in the 1960s and 1970s by governments,businesses,universities,and other institutions to overcome the effects of past discrimination against specific groups such as racial and ethnic minorities and women.Measures to ensure equal opportunity included setting goals for the admission,hiring,and promotion of minorities;considering minority status when allocating resources;and actively encouraging victims of past discrimination to apply for jobs and other resources.
• S)1978 Supreme Court ruling that limited affirmative action by rejecting a quota system.
• T)Constitutional amendment passed by Congress in 1972 that would require equal treatment of men and women under federal and state law.Facing fierce opposition from the New Right and the Republican Party,the amendment was defeated as time ran out for state ratification in 1982.
• U)An organization founded by Phyllis Schlafly in 1972 to fight the Equal Rights Amendment.
• V)The 1973 Supreme Court ruling that the Constitution protects the right to abortion,which states cannot prohibit in the early stages of pregnancy.The decision galvanized social conservatives and made abortion a controversial policy issue for decades to come.
• W)The trend in Protestant Christianity that stresses salvation through conversion,repentance of sin,and adherence to scripture;it also stresses the importance of preaching over ritual.

Recognize the benefits-received principle in taxation.

Understand the administrative costs and deadweight loss associated with taxation.

Evaluate the fairness of a tax system based on its structure.

Appreciate the role of marginal and average tax rates in tax systems.

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Definitions:

Variable Conversion Cost

Costs that vary with the level of production and are associated with converting raw materials into finished goods, excluding fixed costs.

Direct Material

Raw materials that can be directly traced to the production of a specific product and are a part of its finished composition.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision.