Fundamentals Chapter 15 (Economics)

Question 1

This occurs when people are voluntarily unemployed because they are seeking other job opportunities and they haven’t found the desired employment yet.

Answer 1

Frictional unemployment

Question 2

This occurs when there is inequality between the supply of adequately skilled workers and the demand for worker

Answer 2

Structural unemployment

Question 3

This occurs when there is an overall downturn in business activity and fewer goods are being produced causing a decrease in the demand for labor (related to changes in the business cycle)

Answer 3

Cyclical unemployment

Question 4

Taxes, spending, and deficit management

Answer 4

Fiscal Policy

Question 5

Bankruptcy for wage earners to discharge debts by liquidation

Answer 5

Chapter 7

Question 6

Bankruptcy for companies to reorganize and adjust debt

Answer 6

Chapter 11

Question 7

Bankruptcy for wage earners to repay a portion of debts with income over the future 36 to 60 months

Answer 7

Chapter 13

Question 8

Who’s purpose is to is to protect the consumer and prevent unfair, anti-competitive business practices.

Answer 8

FTC

Question 9

What is used to help consumers compare the value of products and to prevent unfair or deceptive packaging and labeling of many household items.

Answer 9

Fair Packaging and Labeling Act (FPLA)

Question 10

What act prohibits discrimination, when evaluating a decision to grant consumer credit.

Answer 10

Equal Credit Opportunity Act