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1
Question
2
A)
Which of the following individuals would be considered unemployed when calculating theunemployment rate?
(1 point)
a 22-year-old teacher who recently lost his job and is currently looking for a new one
an 18-year-old electrician who is currently working full time but would like to work more hours
a 15 year-old girl who wants to work part time but is unable to find work
a 65-year-old retired plumber who has no interest in looking for a new job
A)
Given a total population of 5,000 residents and a labor force of 4,000 residents, 3,500 of whichare employed, what is the unemployment rate?
(1 point)
87.5%
10%
70%
12.5%
Question
3
Question
4
A)
Which type of unemployment features members of the work force who are in the process oftransitioning to new employment?
(1 point)
recession unemployment
cyclical unemployment
frictional unemployment
structural unemployment
A)
You should consider bankruptcy if it would take you longer than ____ to pay your outstandingdebts.
(1 point)
Three years
Two years
Seven years
Ten years
Five years
Question
5
A)
What does it mean for an asset to be exempt in bankruptcy?
(1 point)
You can’t sell the asset on your own to pay off your debts.
You own the asset jointly with someone else.
The asset costs less than $50,000.
The asset’s value can’t be determined by creditors.
The asset can’t be sold to creditors.

1 answer

Question 1: Which of the following individuals would be considered unemployed when calculating the unemployment rate?

The correct answer is:

  • a 22-year-old teacher who recently lost his job and is currently looking for a new one.

Question 2: Given a total population of 5,000 residents and a labor force of 4,000 residents, 3,500 of which are employed, what is the unemployment rate?

To calculate the unemployment rate:

  1. Determine the number of unemployed individuals:

    • Unemployed = Labor Force - Employed
    • Unemployed = 4,000 - 3,500 = 500

  2. Calculate the unemployment rate:

    • Unemployment Rate = (Unemployed / Labor Force) × 100
    • Unemployment Rate = (500 / 4,000) × 100 = 12.5%

The correct answer is:

  • 12.5%

Question 3: Which type of unemployment features members of the workforce who are in the process of transitioning to new employment?

The correct answer is:

  • frictional unemployment

Question 4: You should consider bankruptcy if it would take you longer than ____ to pay your outstanding debts.

The correct answer is:

  • Two years

Question 5: What does it mean for an asset to be exempt in bankruptcy?

The correct answer is:

  • The asset can’t be sold to creditors.