Post 22: 15 Things I Learned...

Quiz 1:

1. The Census Bureau conducts a monthly study called the Current Population Survey
2. Structural unemployment is unemployment that results from changes in technology or in the way the economy is structured
3.  Frictional unemployment is unemployment attributed to workers moving from one job to another
4. Seasonal unemployment affects primarily agricultural workers
5. The unemployment rate is the most closely watched and highly publicized labor force statistic

Quiz 2:

1. Aggregate supply is the total amount of goods and services produced throughout the economy.
2. A supply shock is an event that increases the cost of production for all or many firms
3. Economists use price indexes to calculate the inflation rate
4. The worst degree of inflation is called hyperinflation
5. To construct the consumer price index, the Bureau of Labor Statistics selects a sample of commonly purchased consumer items, called the market basket

Quiz 3:

1. The data used to plot a Lorenz Curve can also be used to compute the Gini Index
2. Rapid changes in technology have led to a drop in demand for lower-skilled workers.
3. The poverty threshold is the lowest income level that a family needs to maintain a basic standard of living
4. One suggestion for improving income equality is raising the minimum wage
5. The heavy corporate downsizing of the late 1980s and early 1990s increased unemployment and resulted in many workers settling for lower-paying jobs