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Types of Unemployment
Taxes
Taxes (continued)
Inflation & Laws
Miscellaneous
100
This type of unemployment occurs due to harvest, vacation, or business slowing or shutting down for part of the year.
What is seasonal unemployment?
100
These are the three criteria for a "good" tax.
What are equity, simplicity, and efficiency?
100
This is a tax structure that affects a larger percentage of income for those with higher incomes.
What is a progressive tax?
100
This is inflation caused by demand exceeding existing supplies.
What is demand-pull inflation?
100
This includes all civilians age 16 and over who are employed or unemployed.
What is the labor force?
200
This is unemployment that occurs when a person takes time to find a job.
What is frictional unemployment?
200
These are the top three ways the government collects taxes.
What are property, income, and sales tax?
200
This is a tax structure that affects the same percentage of income for people with high and low incomes.
What is proportional tax?
200
This is inflation caused by producers raising prices to meet rising costs.
What is cost-push inflation?
200
This is the total value of all goods and services provided in a country during one year.
What is GDP (Gross Domestic Product)?
300
This is unemployment that occurs when workers' skills do not match the job requirements.
What is structural unemployment?
300
This is one way of determining the "fairness" of a tax- it states that the amount a person pays should be based on their wealth.
What is the ability to pay principle?
300
This is a tax structure that affects a lower percentage of income for people with higher income.
What is regressive tax?
300
This law requires banks to give customers information on the accounts they offer
What is the Truth in Savings Act?
300
This is the way the government adjusts spending and revenue to influence the economy.
What is fiscal policy?
400
This is unemployment that rises during economic downturns and falls when the economy improves.
What is cyclical unemployment?
400
This is a way of determining the "fairness" of a tax- it states that people should pay taxes based on which benefits they will receive.
What is the benefits received principle?
400
This is a federal law that requires employers to withhold several taxes from workers' wages.
What is the FICA (Federal Insurance Contributions Act) tax?
400
This law opposes monopolies, combinations, contracts, etc. that restrain trade and commerce.
What is the Sherman Antitrust Act?
400
These are the four phases of the business cycle.
What are expansion, peak, contraction/recession, and trough?