Chapter VI - Supply, Demand, And Government Policies Flashcards
1
Q
The two roles of economists
A
“Scientific theorist,”
“policy advisers”
2
Q
The minimum amount that a certain product or service may be sold at. Sellers are beneficiaries of this.
A
Price Floor
3
Q
The Maximum amount that a certain good, product, or service may be sold at. Often benefits buyers.
A
Price ceiling
4
Q
A government “tax credit” program that supplements the income of poor wage earners.
A
Government subsidy
5
Q
How taxes are distributed throughout the economy
A
Tax incidence
