ECON 202 CHAPTER 9 STUDY GUIDE QUESTIONS AND ACTUAL ANSWERS UPDATED.

household survey - Answer u.s. bureau of census. current population survey of 60,000 employment status of everyone 16 year or older establishment survey (payroll survey) - Answer burea of labor statistics. samples about 300,000 business establishments persons employed on a company payroll to be counted unemployed - Answer dont have a job, available for work actively looked for work in the past week 4e25rwhat would be classified as employed unemployed or not in labor force - Answer not looked for work in the last 4 weeks. people w/jobs underground economy are not counted to calculate - Answer unemployed/labor forces labor forces+ - Answer unemployed+employed why BLS measure understates true degree of unemployment - Answer discouraged workers involuntary part time workers why BLS measure overstates true degree of unemployment - Answer claim to be actively looking, but not (to remain eligible govt payments to unemployed. jobs in underground economy true or false - Answer US economy creates and destorys millions of jobs each year. BLS numbers reported each month are net job changes. which greatly understate the gross numbers of jobs created nd destroyed what does creation and destructions of jobs results from change - Answer consumer tastes and technological process and success&failure of entrepreneurs in responding to these changes three types of unemployment - Answer friction unemployment structural unemployment cyclical unemployment