Wednesday, January 19, 2011

Post 22: 15 things learned from practice quizzes

                                                      Quiz 1
1. The Census Bureau conducts a monthly study called the Current Population Survey.
2. Marginally attached workers are people who once held productive jobs but have given up looking for work.
3. Structual unemployment is unemployment that results from changes in technology or in the way the economy is structured.
4. Frictional unemployment is unemployment attributed to workers moving from one job to another.
5. 95% of the labor force has full employment.

                                                       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. To construct the consumer price index, the Bureau of Labor Statistics selects a sample of commonly purchased consumer items, called the market basket.
4. High interest rates lead to less consumer spending.
5. The worst degree of inflation is called hyperinflation.

                                                       Quiz 3
1. Poverty thresholds are adjusted annually based on changes in the comsumer price index.
2. To measure the amount of inequality in the distribution of income, economists plot a Lorenz Curve.
3. The data used to plot a Lorenz Curve can also be used to compute the Gini Index.
4. One potential cause of the widening disparity in incomes in the United States is the increase in divorce rates and out-of-wedlock births.
5. The heavy corporate downsizing of the late 1980s and early 1990s increased unemployment and resulted in many workers settling for lower-paying jobs.

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