How does the BLS "seasonally adjust" the unemployment rate?
What will be an ideal response?
The BLS uses statistical procedures to remove these seasonal factors, so that users of the data can more accurately interpret underlying trends in the economy. For example, they control for the predictable increase in the unemployment rate after agricultural harvests in the fall.
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If the economy enters an expansion
A) cyclical unemployment increases. B) structural unemployment increases. C) cyclical unemployment decreases. D) structural unemployment decreases.
A law establishing a minimum legal price for a good or service (the minimum wage for example) is known as
a. an equilibrium price. b. a price floor. c. a price ceiling. d. a price wall.
A key point in the difference between the United States and the European Union as OCAs, is that:
A) the intra-European Union trade is significantly higher than the intrastate trade in the United States. B) the intra-European Union trade is significantly lower than the intrastate trade in the United States. C) the intra-European Union labor migration is much higher than the intrastate migration in the United States. D) in the United States, language creates a significant barrier.
Refer to the information provided in Table 23.10 below to answer the question(s) that follow. Table 23.10
Refer to Table 23.10. If aggregate output equals ________, there will be a $100 million unplanned decrease in inventories.
A. $2,400 million B. $2,800 million C. $3,200 million D. $3,600 million