Microeconomics ch 12

Card Set Information

Author:
fillup
ID:
136223
Filename:
Microeconomics ch 12
Updated:
2012-02-18 21:13:18
Tags:
Microeconomics 12
Folders:

Description:
Microeconomics ch 12
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user fillup on FreezingBlue Flashcards. What would you like to do?


  1. Budget Deficit
    An excess of government spending over receipts.
  2. Budget Surplus
    An excess of government receipts over government spending.
  3. Average Tax Rate
    Total taxes paid divided by total income.
  4. Marginal Tax Rate
    The extra taxes paid on an addtional dollar of income.
  5. Lump-Sum Tax
    A tax that is the same amount for every person.
  6. Benefits Principle
    The idea that people should pay taxes based on the benefits they receive from government services.
  7. Ability-to-pay Principle
    The idea that taxes should be levied on a person according to how well that person can shoulder the burden.
  8. Verticle Equity
    The idea that taxpayers with a greater ability to pay taxes should pay larger amounts.
  9. Horizontal Equity
    The idea that taxpayers with similar abilities to pay taxes should pay the same amount.
  10. Proportional Tax
    A tax for which high-income and low-income taxpayers pay the same fraction of income.
  11. Regressive Tax
    A tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers.
  12. Progressive Tax
    A tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers.

What would you like to do?

Home > Flashcards > Print Preview