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Mike has just graduated from college and is now looking for a job, but has not yet found one. This causes the unemployment rate to _______ and the labor- force participation rate to _______.
Progressive Tax System
A tax system where the tax rate increases as the taxable amount or income increases.
Incremental Income
Additional income generated from a specific action or decision, compared to a scenario where the action is not taken.
Personal Exemption Rate
A tax deduction that a taxpayer is entitled to claim for themselves and any dependents, reducing the taxable income.
Capital Gains Tax
A tax on the profit realized from the sale of a non-inventory asset that was purchased at a cost amount that was lower than the amount realized on the sale.
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