1. The census bureau conducts a monthly study called the Current Population Survey.
2. Unemployment rate is the most closely watched labor force statistic.
3. Workers are underemployed if they have jobs beneath their skill level.
4. About 95% of the workforce is fully employed.
5. Unemployment that results from a change in technology is called structural unemployment.
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. The worst degree of inflation is called hyperinflation
5. High interest rates lead to less consumer spending.
1. The poverty threshold is the lowest income level that a family needs to maintain a basic standard of living.
2. The poverty rate is the percentage of individuals or families that are living in poverty.
3. The data used to plot a Lorenz Curve can also be used to compute the gini Index.
4. Rapid changes in technology have led to a drop in demand for lower-skilled workers.
5. One suggestion for improving income equality is raising the minimum wage.