Unemployment Rate Definition

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1. What are transfer payments and how do they make their way into the GDP calculation? In economic studies, transfer payment refers to the redistribution of income funds in the market system. The cycle has its basis from the realizations that transfer payments bring balance to the economy. The payments are said to be non-exhaustive since they do not create output or absorb resources directly. They include Medicare, social security, and subsidies etcetera which is not included in the calculation of the GDP since they are not services or goods payments but ways of distributing cash to attain social ends. 2. Is the unemployment rate the same for all groups of people in an economy? Why or Why not? The unemployment rate is not always the same to all groups of people in an economy. This phenomenon emanates from the differences abilities of people and the demands that are there at any given time. Some factors such as educational needs for the market come into the play. The youths and the minority groups usually have higher unemployment rates probably because of their levels of education and being employed in sectors that are sensitive to business cycles; when the economy gets hit, they get hit hardest. 3. How are total output and total income related to each other and why? They are both means of measuring the domestic product, and the total output should be equal to the total income. 4. Does a state sales tax function as a progressive, regressive or proportional source of revenue and why? It works as a regressive tax because even though it is a fixed percentage for everyone in the state, the low-income earners find it more burdensome to part with that percentage than the

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