Ch 16 Exam

Ch. 16 Jeopardy

Chapter 16 Notes

Click on the section 3 tab for today's notes

Finish Tax Presentations

Tax Project

Presentations Monday

Tax Project

Tax Project

Tax Project

Finished Tax Exams

Tax Jeopardy

Tax review questions

1. What type of tax does the Federal government get most of their money from?  What about State government? What about Local government?

2. What is an excise tax?

3. What is cyclical unemployment?  Give an example.

4. What is seasonal unemployment?  Give an example.

5. What is a progressive tax mean? Who does it impact the most?

6.  What are the four characteristics of a good tax?  Explain the meaning of each.

7. What is a customs tax? Is it progressive?

8. What is structural unemployment?  Give an example.

9. What is a regressive tax? What types of taxes are regressive?

10. What are the characteristics of an expansion period?

11. What are the characteristics of a contraction period?

12. When does cyclical unemployment take place?

13. How do frictional and structural unemployment differ?

14. What are the 3 main indicators of the economy?

15. What is Gross Domestic Product?

16.  Explain how proportional taxes work.

17. What form do you fill out when you get a job?  How is the form used?

18. What is a W2?

19. Why do you fill out a 1040?

20. What is pay-as-you-earn taxation?

Chinese Workers DBQ: https://drive.google.com/file/d/0B_gpVfHfuRG2T0RXeXhSSkxWZWc/edit?usp=sharing

Prezi on Unemployment: http://prezi.com/3zgtoinox-mf/copy-of-eco-chapter-13-section-1/

Business Cycles Notes: https://docs.google.com/file/d/0B_gpVfHfuRG2dVVfOUdqTTUxNmc/edit?usp=drive_web

Chapter 12 Section 2

1.  What are the 4 phases to a business cycle? Draw a pictorial representation of a business cycle.

2.  What are the contributing factors to each phase regarding GDP?

3.  What is stagflation?  Why is it a problem when an economy experiences it?

4.  What are the 4 main economic variables that affect business cycles?

5.  How can interest rates push a business cycle into a contraction?

6.  How did the Great Depression affect economists’ beliefs about the macroeconomy?

7.  At what point of the business cycle would you want to be?  In 1-2 sentences explain your reasoning.

 

Today we discussed/showed what the W2, W4,  and 1040EZ forms are.

Complete the Tax Tables Assignments
Tables: https://docs.google.com/file/d/0B_gpVfHfuRG2VHVyaXVqdzdFQ00/edit?usp=drive_web
Questions: https://docs.google.com/file/d/0B_gpVfHfuRG2WFBsajJVRHBuM1k/edit?usp=drive_web

14.2 Questions

1. Why do employers withhold a set amount of your income?
2. What is taxable income?
3. What does Social Security provide?
4. What is Medicare?
5. What items are taxed for the purpose of changing behavior?
6. Explain pay-as-you-earn taxation.
7. What is the purpose of FICA?
8. Describe withholding and explain how it would affect someone with a part-time job.
9. How much of the federal government’s income comes from individual income tax?

10. What is the difference between an estate tax and a gift tax?

14.2 Notes: https://docs.google.com/file/d/0B_gpVfHfuRG2cnFiVWItMWQxRGs/edit

Pay Stub: https://drive.google.com/file/d/0B_gpVfHfuRG2QzBIQ0E5eDEwaUU/edit?usp=sharing

Questions: https://drive.google.com/file/d/0B_gpVfHfuRG2bEZBR3dPRGRhUEU/edit?usp=sharing

Where your tax dollars go pie chart: http://money.cnn.com/2014/04/11/pf/taxes/how-federal-income-taxes-are-spent/index.html?hpt=hp_t3

Hoover List

Kinds of Taxes: https://drive.google.com/file/d/0B_gpVfHfuRG2S0lubDNocnNsLTA/edit?usp=sharing

Tax Questions: https://drive.google.com/file/d/0B_gpVfHfuRG2M0M0T2dOaDJGb3c/edit?usp=sharing

Intro To Taxes Notes:https://drive.google.com/file/d/0B_gpVfHfuRG2RFZwUWlSZ0FxTzQ/edit?usp=sharing

Finished the Supply/Demand Exam

Supply/Demand Exam
Notebook Check Today!

Supply and Demand Jeopardy: https://drive.google.com/file/d/0B_gpVfHfuRG2YmVkSEJkNzFFVG8/edit?usp=sharing

TEST AND NOTEBOOK CHECK MONDAY!!!!!!

SUPPLY AND DEMAND REVIEW (know this stuff)

1.     Explain the law of supply using a graph on the your paper

2.     Explain the law of Demand using a graph on your paper

3.     What happens to the demand for Hot Dog Buns if hot dogs are determined to cause cancer?

4.     Graph and explain a shortage

5.     What is an inelastic good? Explain why it is inelastic

6.     What happens to the demand for Milk if the price of cereal falls to an all time low?

7.     Graph and give reasons an especially warm summer has resulted in more ice cream being purchased. As a result, may more ice cream trucks have been seen throughout the city streets?

8.     The goo material in lava lamps becomes very expensive. Which curve is affected, how and why?

9.     What is an elastic good?  Give an example.

10. What is the point called where supply and demand intersect?

11. What is the market clearing price and why?

12. Graph an increase in demand and a decrease in supply

13. Explain how the “price of inputs” affects supply

14. What is the law of diminishing marginal return?

15. Explain how demand changes due to the income effect

16. What is the law of demand?

17. Explain how demand is affected by the complementary effect.

18. What is a supply schedule?

19. Goods that have no substitute are what types of demand?

20. Name 4 reasons why supply changes

21. What happens to price if there is a decrease in supply?

22. What happens to price if there is an increase in supply and a decrease in demand?

23.  How can you have a price increase if supply is up and demand is up?

24. What determines the price and the quantity produced of most goods?

25. How can a shortage develop?

26. What 4 things will cause a demand curve to shift?

27. How can future price affect current demand?

28. How is elasticity determined?

29. What is a price floor?  Give an example.

30. What is a price ceiling?  Why would the government implement this?

 

Big Apple Game Questions

1.  What is the price the apples are most frequently sold at in Round 3?

2.  In which round was there the greatest spread in price?

3.  Why did prices become more concentrated?

4.  Why did high profit takers have success?

5.  When half the sellers left the market, what changes did you experience?

6.  In Round 4 did prices go up?  If so, why?

7.  Can you relate the price changes in Round 4 to conditions in the national economy?

8.  What problems did you run into buying or selling?

9.  List 1 strategy that you employed to negotiate your prices.   Did your strategy work? Why or why not?

10. Based on your experiences in this game, explain the importance of supply and demand as a function of our society?

Exam Monday and Notebook check Monday

Unit 3 Notebook check
1. Demand Notes
2. Supply Notes
3. Supply Changes WS
4. 6.1 Questions
5. Elasticity Q's
6. Big Apple

Finished Big Apple Game

Graphing and questions tomorrow

Big Apple Game: See me for any makeup.  We are playing the game in class and will have questions/graphing when the game is completed.

Presented Supply/Demand Rap Songs

Supply/Demand Rap Song

Make a (school appropriate) rap song about supply and demand.
The song must be 20 lines long
It must rhyme.

You don't have to rap it to the class, HOWEVER, if you want 10 pts extra credit you can rap it to the class.

 Elasticity Questions

See Page 92 for examples on how to calculate elasticity

Today we took a quiz.  If you missed class today you need to see me upon return and take the quiz.

Notes on Elasticity:  Read pages 90-93(top half of 93) in your text and take Cornell Notes on Elasticity.  Pay special attention to page 92 as that page shows the formulas to calculate elasticity.

Elasticity Questions: https://docs.google.com/file/d/0B_gpVfHfuRG2TE9qcjZEaXY4LWs/edit?usp=drive_web

Equilibrium Notes- https://docs.google.com/file/d/0B_gpVfHfuRG2Z243aXR1ZXZyNVU/edit?usp=drive_web

Supply/Demand Shifts Questions: https://docs.google.com/file/d/0B_gpVfHfuRG2UGRCRExBelRJWGc/edit?usp=drive_web