How Do the Bureau of Labor Statistics and the Bureau

question 45

Multiple Choice

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.

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Definitions:

Marginal Rate

The increase or decrease in a unit of an outcome resulting from a one unit change in another variable.

Substitution

The economic principle whereby consumers replace more expensive items with less costly alternatives, or firms use different inputs in their production process.

Mangoes

A tropical stone fruit with a sweet yellowish or orangish flesh, known for its nutritional value and distinct flavor.

Indifference Curve

A graph that represents combinations of goods among which a consumer is indifferent, showing the same level of satisfaction to the consumer.