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Econ Ch6 &amp; Ch7

# Econ Ch6 &amp; Ch7 - Econ Ch.6(Continued Tax Rates I 1...

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Econ Ch.6 (Continued) – 10/11/10 Tax Rates: I. 1. ATR = T/I 2. MTR = T/ I II. 1. Progressive 2. Proportional 3. Regression III. Two Principles: - Ability to Pay – you should p ay for a s ervice b ec aus e you h av e th e m on ey to p ay for it. - Benefit Received – ev en if you claim not to h av e th e m on ey, if you b en efit from it you should p ay for it. Chapter 7 1. The Unemployment Rate is still 9.6% , not of the total population, rather of the labor force. - no ch ang e from th e previous month The purpos e of calculating th e un e m ploy m e nt rate is to check how well or how poorly th e econo my is doing. 2. How does th e govern m e nt calculate this? – Bure au of Labor Statistics (BLS): 1. Total U.S. population: i. under 16 are excluded ii. Retirees are excluded iii. Full Time Students are excluded iv. The military are excluded v. Institutional inmates: 1. mental 2. prison vi. Homemakers 2. The Working Age = Total U.S. population – all the exclusions 3. Civilian Labor Force (CLF) 1. Employed 2. Unemployed i. out of work ii. actively looking for a job

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Econ Ch6 &amp; Ch7 - Econ Ch.6(Continued Tax Rates I 1...

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