Name: ____________________________________ Pd ___ Date ___ / ___ / ___ Mr. Henry
Honors Econ
Unit 3 Test – Honors Economics – 59 Points
Chapters 8-11 (Pages 196-313)
Part I. Vocabulary Review (Word Bank) – 25 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. Critical Thinking (Completion) – 8 points
Review Labor Movement, Wages & Labor Disputes, Economics of Taxation, Federal Revenue
Part III. Multiple Choice – 12 points
In addition to above, be sure to review Tax Reforms from 1981 to 2003, Ch10 S3 #10, & PA State Universities
Part IV. Subjective – 4 points
Review Tom Coburn’s Wastebook
Part V. Essay – 5 points each (10)
47-51 and 52-56
Essay #1: Describe the importance of early investment opportunities and the different considerations that one
should make to have sound Financial Fitness for the Future
Essay #2: Describe 4 examples of items that are Tax-Exempt in Pennsylvania and one item that you feel should
be tax exempt but is not in our state and why.
Essay #3: Describe an example of how Behavioral Adjustment taxes entice consumer purchases and 4 examples
that reduce consumer purchases.
Essay #4: Describe the ways in which the Federal Government generates revenue for our Federal Budget.
Essay #5: Describe how our Federal Budget works and describe examples of expenditures within our Budget.
Essay #6: Describe how deficits, surpluses, and the National Debt impact our economy today.