Wednesday, January 19, 2011

Post 22: Quizzes

Frictional unemployment - unemployment attributed to workers moving from one job to another
Discouraged workers - people who want jobs but have stopped looking for work for job-related reasons
Marginally attached workers - people who once held productive jobs but have given up looking for work
Census Bureau - conducts a monthly study called the Current Population Survey
Not in the labor force - anyone who is not classified as either employed or unemployed

Aggregate supply - is the total amount of goods and services produced throughout the economy
A Supply shock - is an event that increases the cost of production for all or many firms.
To construct the consumer price index, the Bureau of Labor Statistics selects a sample of commonly purchased consumer items, called the Market basket
As the value of the dollar decreases, the purchasing power of people who rely on fixed income will fall.
High interest rates lead to less consumer spending.

The income gap between the richest and the poorest Americans was wider in the 1990s than at any other time since World War II.
In 2000 the poverty threshold for a family of four was $17,761.
The poverty threshold is the lowest amount of income a family needs to survive on the bare minimum.
The poverty rate is the percentage of individuals or families that are living in poverty.
To measure the amount of inequality in the distribution of income, economists plot a Lorenz Curve.
One suggestion for improving income equality is raising the minimum wage.

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