Wednesday, January 19, 2011

15 quiz facts...

- The Census Bureau conducts a monthly study called the Current Population Survey.
- The most closely watched and highly publicized labor force statistic is the unemployment rate.
-People who once held productive jobs but have given up looking for work are called marginally attached workers.
-Unemployment attributed to workers moving from one job to another is called frictional unemployment.
-Agricultural workers are usually affected by seasonal workers.

- A supply shock is an event that increases the cost of production for all or many firms.
-The worst degree of inflation is called hyperinflation.
-High interest rates leads to less consumer spending.
-Aggregate supply is the total amount is the total amount of goods and services produced through the economy.
-As the value of the dollar decreases the purchasing power of people who rely on fixed income will fall.

- The income gap between the riches and the poorest Americans was wider in the 1990's than at any other time since WW II.
-The poverty theshold is the lowest income level that a family needs to maintain a basic standard of living.
-Poverty thresholds are adjusted annually based on changes in the consumer price index.
- The data used to ploy a Lorenz Curve can also be used to compute the Gini index.
- A good way to improve the income equality is by raising the minimum wage.

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