Name: ____________________________________ Pd ___ Date ___ / ___ / ___ Mr. Henry
Economics
Unit 3 Test –Economics – 49 Points
Chapters 8-11 (Pages 196-313)
Part I. Vocabulary Review (Word Bank) – 20 points
Chapter 8
picket
skilled labor
boycott
seniority
lockout
signaling theory
right to work law
collective bargaining
closed shop
grievance procedure
mediation
binding arbitration
fact finding
injunction
giveback
Chapter 9
Sin tax
Tax loophole
Benefit principle taxation
Medicare
Progressive tax
Regressive tax
FICA
Payroll tax
Excise tax
Estate tax
Gift tax
Tax assessor
Chapter 10
Pork
Public sector
Private sector
Transfer payment
Grant-in-aid
Fiscal year
Appropriations bill
Budget deficit
Mandatory spending
Discretionary spending
Medicaid
Deficit spending
Trust fund
Per capita
Crowding-out effect
Chapter 11
Certificate of deposit
Premium
Pension
Risk
Bond
Maturity
Junk Bond
Municipal Bond
Beneficiary
Treasury Note
Treasury Bond
Tax-exempt
Savings Bond
403B
401K
Treasury Bill
IRA
Mutual Fund
two tier wage system
glass ceiling
set aside contract
Investment tax credit
Capital gains
Flat tax
Value-added tax
Line-item veto
Entitlement
Term Life
Whole Life
Equities
Stockbroker
Part II. Multiple Choice – 10 points
Review Tax Reforms from 1981 to 2003 and Ch10 S3
Part III. Critical Thinking (Completion) – 5 points
Review Labor Movement, Wages & Labor Disputes, Economics of Taxation, Federal Revenue
Part IV. Subjective – 4 points
Harley Davidson study guide / Financial Advice
Part V. Essay – 5 points each (10 points total) – roll dice for 2 essays
Cite 3 examples of work restrictions placed on teens here in Pennsylvania and cite a pro & con of each
restriction.
Describe 5 examples of fringe benefits that an employer could offer its employees instead of a pay raise and
describe why each would be attractive to the employee.
Cite 3 examples of costs that one is going to be faced with after high school and describe the costs and how one
can prepare financially for these future costs.
Describe the 4 sources of State Government Revenue and explain each revenue source.
Describe the 5 State Government Expenditures and explain each expenditure.
Describe the difference between saving vs. investing and cite 2 examples of saving and 2 examples of investing.