Economics

Question 1

Know what happened to inflation since the late 1970s

Answer 1

Peaked at 14% in 1980, and has remained low since

Question 2

Know the current estimated national debt

Answer 2

19 trillion dollars

Question 3

What are the three main factors that determine the size of deficits today?

Answer 3

Defense spending
Entitlement spending
Taxes (tax rates)

Question 4

What is an entitlement program?

Answer 4

Programs for which total expenditures are not determined each year by congress because the law specifies a level of benefits to all who meet requirements (who are entitled to them)

Question 5

Social Security:

Answer 5

money taken from workers and spent on retirees

Question 6

Medicare:

Answer 6

Covers 53 million people over 65 for medical help

Question 7

Individual income taxes:

Answer 7

26%

Question 8

Corporate Income Taxes:

Answer 8

4%

Question 9

Payroll Tax (SS and Medicare):

Answer 9

25%

Question 10

Other Taxes:

Answer 10

40%

Question 11

International affairs:

Answer 11

1%

Question 12

National Defense:

Answer 12

19%