How do the Bureau of Labor Statistics and the Bureau of the Census estimate U.S. unemployment each month?
a. They contact each state's unemployment office and gather data on new claims for unemployment.
b. They randomly survey about 60,000 U.S. households to determine how many people are in the labor force, and what proportion of them is unemployed.
c. They track released prisoners. These agencies adjust released prisoner employment unemployment rate proxy (PURP).
d. None of the above are correct.
b
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Which of the following methods is used by unions to increase the demand for the labor of its members?
A) Decrease the marginal product of union members. B) Support minimum wage laws. C) Oppose import restrictions. D) Decrease demand for the good produced.
A decrease in price causes:
A. a quantity effect, which is an increase in revenue that results from selling fewer units of the good. B. a price effect, which is an increase in revenue that results from receiving a lower price for each unit sold. C. both a price effect and quantity effect. D. a decrease in quantity demanded.
Goods and services are scarce because
a. people are greedy b. they are produced using scarce resources c. firms keep production low in order to earn higher profits d. they are produced by firms that seeks profits e. government wants to maintain its power over the economy
Explain how the existence of discouraged workers alters the extent to which the official unemployment provides an accurate measure of the use of labor resources
What will be an ideal response?