Key Terms:

            Capital Gain (realized and non-realized)

CES

CPS

Disinflation/Deflation

Disposable (personal) Income

Disposable Income

GDP (national and regional)

GINI Index

GNP (national and regional)

Inflation

National Income

Phillips Curve

PPI

Sacrifice Ratio

Structural unemployment

Unemployment

Worker Productivity

5.4 Write five multiple choice questions one for each of five of the key terms in this lesson that you select (therefore a total of five questions). But do NOT use any of the key terms that appear in bold and italics above. Be sure to adhere to the directions specified on the "Guidelines for Writing Multiple Choice Questions" page that is on the course homepage including noting the exact page in the assigned readings where you found the information for each question.

5.1 The government reports unemployment data six ways each designated with a U1-U6 number. In addition, the US government gathers unemployment data using two measures (CPS, CES) Describe in one sentence/phrase the meaning of each of the U1 - U6 measures. In addition, explain in a few sentences the CPS and the CES and how the government gathers information for each. Include your source(s) (i.e., URL and/or full citation with page numbers) in your response.

Part of thThe correct answer is a) the Current Population Survey (CPS) and b) the Current Employment Statistics (CES). The CPS, which is undertaken jointly by the Commerce Department's Census Bureau and the Bureau of Labor Statistics, is a monthly survey of approximately 60,000 households which are sampled. The CES, part of the Department of Labor, surveys about 145,000 businesses and government agencies to collect the relevant data. The CES publishes industry estimates about non-farm employment (i.e., unemployment data).

JM