Question

Question 1

Generally, the ________ value is more important than the __________ value of a given statistic since it is more contextual.

Select the two responses below that correctly fill in the blanks.

Select all that apply:

• nominal; real

• real; nominal

• unadjusted; inflation-adjusted

• inflation-adjusted; unadjusted

Question 2

Households are interviewed by the U.S. Bureau of Labor Statistics eight times over two years, for the _______________ before leaving the sample permanently.

Select the correct answer below:

a. labor force participation count

b. Current Population Survey (CPS)

c. establishment payroll survey (EPS)

d. Gross Domestic Product calculation

Question 3

Typically, the higher the average level of education in an economy, the higher the accumulated ____________ and the higher the ______________.

Select the correct answer below:

a. skill set; labor productivity

b. human capital; labor productivity

c. human capital; trade surplus

d. capital; labor value

Question 4

_____________means the rise in the price of a fixed basket of goods over time tends to overstate the rise in a consumer’s true cost of living because it does not take into account that the person can substitute away from goods whose relative prices have risen.

Select the correct answer below:

a. Quality/new goods bias

b. Substitution bias

c. Hindsight bias

d. Omission bias

Question 5

When society increases the level of capital per person, we call the result _____________.

Select the correct answer below:

a. capital deepening

b. capital expansion

c. increasing capital

d. increasing productivity

Answer 1

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