How is the unemployment rate calculated? Include in your answer the process by which the U.S. Census Bureau classifies the data it collects in its Current Population Survey
What will be an ideal response?
The U.S. Census Bureau conducts the Current Population Survey which asks questions about the age and employment status of household members. The population is divided into the working-age population (everyone 16 or older who is available to work) and all the others. The working age population is divided into the labor force and those not in the labor force. The labor force includes all those who are working (either part-time or full-time) and those who are unemployed. The unemployment rate is the ratio of the unemployed to the labor force multiplied by 100 to convert it into a percentage.
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When money is used to purchase goods and services, it serves as a:
A. medium of exchange. B. double coincidence of wants. C. store of value. D. unit of account.
Everything else held constant, a decrease in autonomous consumer spending will cause the IS curve to shift to the ________ and aggregate demand will ________
A) right; increase B) right; decrease C) left; increase D) left; decrease
The first country to adopt inflation targeting was
A) the United Kingdom. B) Canada. C) New Zealand. D) Australia.
According to Edward Denison, during the 1929 and 1982 period, capital formation
a. was responsible for 25 percent of U.S. economic growth. b. amounted to 19 percent of U.S. economic growth. c. was considered the smallest source of U.S. economic growth. d. was the most important source of U.S. economic growth.