PFL UNIT 3 (CBA2) Flashcards

Front

What is the main focus of macroeconomics?

Back

Examining national and global economies

Front

GDP stands for:

Back

Gross Domestic Product

Front

To be classified as unemployed, a person must:

Back

Not be working and have looked for a job within the past 4 weeks

Front

Inflation refers to:

Back

A change in the price level of all goods and services

Front

What is the purpose of taxes?

Back

Mandatory payments for government services

Front

Example of a progressive tax?

Back

State income tax

Front

Regressive tax (takes ____% from _______ groups)

Back

Takes a larger percentage from lower-income groups

Front

FICA includes:

Back

Both Social Security and Medicare taxes

Front

Medicare provides insurance for:

Back

Individuals aged 65 and older

Front

What does Medicaid offer?

Back

Coverage for low-income families and people with disabilities