Politics and Economics Vocabulary 1 Mr. Thacker

Section 4: Taxation and CWP

Identify and/or Explain

1. Tax
2. Revenue
3. Goods and Services
4. Article 1, Section 8, Clause 1
5. Common defense and general welfare
6. Uniformity law
7. Tax exempt
8. Taxing exports
9. Article 1, Section 9, Clause 4
10. Sixteenth Amendment
11. Tax base
12. Proportional tax
13. Progressive tax
14. Regressive tax
15. Benefits-received principle
16. Ability-to-pay principle
17. Incidence of a tax

Questions

1. List and explain the four characteristics of a good tax. (8)
2. Explain using an example what is meant by “balancing tax revenues and tax rates. (6)
3. Briefly explain graph 14.3 in the book. There are three items for graph. (12)