Suppose There Are 50 Million Persons in the Population,25 Million

question 51

Multiple Choice

Suppose there are 50 million persons in the population,25 million persons in the civilian labor force,and 20 million persons are employed. The number of people unemployed is _______ million and the unemployment rate is ___________ percent.

• A) 25; 50
• B) 5; 10
• C) 5; 20
• D) 10; 10

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Definitions:

Owner's Capital

The amount of equity a business owner has invested in the firm or the net worth attributable to them, reflecting their financial stake.

Owner's Drawings

Owner's drawings refer to the withdrawal of cash or other assets from a business by the owner(s) for personal use, affecting the owner's equity account.

Chronological Order

The arrangement of events, dates, or actions in the order that they occurred or will occur, from earliest to latest.

Journal Entry

A record in accounting that represents a transaction and its effect on various accounts, used to transfer sums from one account to another.