Chapter 5 Vocab Flashcards
1
Q
excise tax
A
tax that is levied on a specific good.
2
Q
minimum wage laws
A
laws specifying the lowest wage a firm can legally pay an employee.
3
Q
price ceiling
A
a government-imposed limit on how high a price can be charged.
4
Q
price floors
A
government-imposed limits on how a price can be chargedd
5
Q
rent control
A
a price ceiling on rents, set by government
6
Q
tariff
A
an excise tax on an imported good.
7
Q
third-party-payer markets
A
the person who receives the good differs from the person paying for the good.
