How do the Bureau of Labor Statistics and the Bureau of the Census estimate U.S. unemployment each month?
a. They contact each state's unemployment office and gather data on new claims for unemployment.
b. They randomly survey about 60,000 U.S. households to determine how many people are in the labor force, and what proportion of them is unemployed.
c. They track released prisoners. These agencies adjust released prisoner employment unemployment rate proxy (PURP).
d. None of the above are correct.
b
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“If taxes and government spending are increased by the same amount, there will still be a positive effect on equilibrium GDP.” Explain.
What will be an ideal response?
The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using a ________.
A. utility measure B. monetary measure C. measure of volume D. measure of physical weight