Answer:
a. If the overall unemployment rate is 6 percent, teenage unemployment rates will exceed 12 percent.
Explanation:
Positive economics refers to the description of facts and information related to the economic situation of a country or region. It simply means explaining the facts and reality that is proven by theoretical work as well. It highlights the cause and effect relationships between different economic phenomenon. Here, the statement that if the overall unemployment rate is 6 percent, teenage unemployment rates will exceed 12 percent fulfills this criteria as it presents a simple and well-known fact that teenage unemployment rates are usually higher than the overall unemployment rate and can be double. This is because of a lack of skill set and experience at the youth level as compared to older age groups.
It is called the "s<span>elf-serving bias".</span>
The self-serving bias is
individuals' propensity to credit positive occasions to their own character yet
ascribe negative occasions to outer variables. It's a typical kind of
psychological predisposition that has been widely contemplated. At the point
when people dismiss the legitimacy of negative input, center around their
qualities and accomplishments however ignore their flaws and disappointments, they
are shielding their ego from danger and damage.
The federal personal income tax is an example of a progressive tax.
<u>Explanation:</u>
- A progressive tax is defined as the taxable amount increases when the tax rate increases. The term progressive is known as the increase from low to high.
- A person's marginal tax is high when compared to the taxpayer's average tax rate.This progressive tax will tend the people who have a lower ability to pay will pay less and who are the higher ability of pay will pay high.
- To know that clearly, it is the personal income tax. People with lower income will pay less tax and people with higher income will pay high taxes
- Britain Prime Minister William Pitt the Younger was introduced the first modern income tax.
