Quiz 1- FACTS:
1.) In 2000 some 1.1 million people were marginally attached workers.
2.) Discouraged workers are a subset of marginally attached workers.
3.) Underemployment represents wasted resources and lost output.
4.) Anyone who is not classified as either employed or unemployed is considered not a part of the labor force.
5.) Some unemployment is unavoidable and a natural part of a healthy economy. Economists consider an unemployment rate of about 5 percent to represent full employment.
Quiz 2- FACTS
1.) Aggregate supply is the total amount of goods and servuces that are produced throughout the economy.
2.) Inflation is the increase of average price level of all products in an economy.
3.) Deflation is the decrease in an average price level of all goods and services in an economy.
4.) To measure the price level, economists cconstruct a price index.
5.) Economists use price indexes to calculate the inflation rate.
Quiz 3- FACTS:
1.) Income inequality in the U.S. had become greater than in any other large industrialized country in the 1990's.
2.) In 2000 the poverty threshold for a family of four was $17,761.
3.) In 1999 the poverty rate was 11.8 percent.
4.) The Lorenz Curve is used by economists to measure the amount of inequality in the distribution of income.
5.) The Gini Index is another statistical measure of income inequality.