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Economics Benchmark II Study Guide glass ceiling macroeconomics tax loophole regressive tax progressive tax regressive tax fiat money commodity money 1. 2. 3. 4. 5. 6. 7. skilled labor unskilled labor medicare bull market bear market tax return 401 K IRA inflation deflation consumer price index collective bargaining subsidy ration strike collective bargaining What three major federal taxes bring in most revenue? Who determines interest rates? What does the Federal Reserve “Fed” do? How can the Federal Reserve stimulate investments? What was established to bring credibility and protect savings in the bank? What is the difference between mutual funds and stocks? What is the difference between discretionary and mandatory spending? Give examples of each spending. 8. Why is the U.S. not on the Gold standard any more? 9. What four characteristics must money possess to have value? 10. Who are the largest borrowers? 11. Explain reserve requirement 12. What two broad expenditures does the federal government have? 13. What are transfer payments? Give examples. 14. What three criteria are needed to be an effective tax? 15. What are monetary incentives? Give examples. 16. What is the government dong when they spend more money than their annual revenue? 17. What is the largest category of state spending? 18. What unemployment rate shows a healthy economy? 19. What are the three functions of money? 20. What type of monetary standard is the U.S. currently under?