Sunday, January 23, 2011

Post 22: Quiz Facts

Quiz 1:

1.  The ideal percentage of the population to be part of the labor force is 95%.
2.  If you are not employed or unemployed, you are not in the labor force.
3.  If you are working in a job which is below your skill level, you are underemployed.
4.  Agricultural workers are affected by seasonal unemployment.
5.  The unemployment rate is the most closely watched and highly publicized labor force statistic.

Quiz 2:

1.  As the value of the dollar decreases, so does the purchasing power of people on fixed incomes.
2.  A supply shock is an event that increases the cost of production for all or many firms.
3.  The worst degree of inflation is called hyperinflation.
4.  High interest rates leads to less consumer spending.
5.  Aggregate supply is the total amount is the total amount of goods and services produced through the economy.

Quiz 3:

1.  A way to improve the income equality is by raising the minimum wage.
2.  The income gap between Americans was more diverse in the 1990's than at any other time since World War II.
3.  The poverty theshold is the lowest income level that a family needs to maintain a basic standard of living.
4.  Poverty thresholds are adjusted annually based on changes in the consumer price index.
5.  The data used to ploy a Lorenz Curve can also be used to compute the Gini index.

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