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Unemployment
Taxes
Definition
Situations
100
A situation where a eligible working person is actively looking for work but can not find it. It is also a measurement of how the Economy is doing at the time.
Unemployment
100
A system where the rich/higher income workers pay a higher percentage of their income than the middle class/low income workers.
Progressive Tax
100
The general rise in prices is caused by ____________
Inflation
100
You decided that working in the mall wasn't cut out for you so you quit and start looking for another Job in the photography range. This is a example of___________
Frictional Unemployment
200
Explain Frictional Unemployment In Your Own Words.
A Temporary movement from one job to another or from one location to another.
200
What is Regressive Tax?
When Lower income workers pay more than higher income workers.
200
Consumer price index is____________________________
the average amount a consumer gets in consumer goods like transportation, food and medical care.
200
You are talking to your rich friend and they are complaining about the high taxes they have to pay. You look at them and notice that your tax percentage isn't as high meaning _______________
Progressive tax is in play
300
It's christmas shopping season and you get a job at the local toy store. All through out shopping season you work really hard then after christmas you get laid off. What type of unemployment is this?
Seasonal Unemployment.
300
In ______ _______ all tax payers must pay the same amount no matter what they earn.
Proportional Tax
300
How do you end up in the labor force?
you are a 16 year old that is not in any military branch.
300
You go to the store to buy bread that was once $1.25 but once you get in the store and go to get the bread you notice that it is now $2.00. This shows ___________
Inflation
400
The Worker is trained to cap bottles by hand but doesn't know how to work a machine that caps the bottles. They are then fired for not being able to work the way the company wanted. What type of Unemployment is that?
Structural Unemployment
400
_____________ are deducted from the pay of most American workers to support Social Security programs.
FICA Tax
400
What does the acronym for GDP stand for?
Gross Domestic Product
400
You just got out of school and you are ready to go into the real world! The first thing you do is try to find a job that suits you but its not easy to find. This is_________
Unemployment
500
Explain Cyclical Unemployment in your own words
When business is low Cyclical unemployment is high, When business is high Cyclical unemployment is low.
500
What are the 3 things needed for good tax?
Equity, Simplicity, Efficiency
500
Explain Cost-Push inflation.
The price level rises due to increase of wages and raw materials.
500
You were thinking of taxes in your room and the thought of making your own came to mind, but you tried to remember the different types of taxes you learned in Econ class with Mr.A. What were the different types of taxes?
Progressive, Regressive, Proportional and FICA