The market basket that is used by the Bureau of Labor Statistics to calculate prices is made up of which of the following?
(A) Food items only.
(B) Typical goods and services for an urban household.
(C) Nonfood items only.
(D) Food and necessary services for any family.
Ans: (B) Typical goods and services for an urban household.
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Which of the following methods of restricting trade does NOT harm the overall economy?
A) a voluntary export restraint B) a tariff C) a quota D) Both answers A and B are correct. E) None of the above answers is correct because all the methods harm the overall economy.
In order to obtain the data used to calculate the unemployment rate, the Bureau of Labor Statistics
A) adds the number of people collecting unemployment insurance from each state. B) adds the state unemployment claims reports. C) uses a survey from 60,000 households. D) adds together all the reports of layoffs from businesses. E) uses a survey from 160,000 firms.