Business Cycle Notes- pp. 310-316
Unemployment/Tax/Business Cycle Questions
- What is Structural Unemployment? Give an example.
- How do seasonal and cyclical unemployment differ? Give an example of each.
- When does cyclical unemployment take place?
- What taxes go to Social Security and Medicare?
- Why isn’t full employment the same as zero unemployment?
- Explain the 3 tax forms and what their purpose is.
- How has terrorism affected employment in the USA?
- What does it mean to be underemployed?
- What are the 4 characteristics of a good tax? Briefly explain each.
- What are the 4 phases to a business cycle? Draw a pictorial representation of a business cycle.
- What are the contributing factors to each phase regarding GDP?
- What is stagflation? Why is it a problem when an economy experiences it?
- What are the 4 main economic variables that affect business cycles?
- How can interest rates push a business cycle into a contraction?
- How did the Great Depression affect economists’ beliefs about the macro economy?
- At what point of the business cycle would you want to be? In 1-2 sentences explain your reasoning.
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