If the Number of People Unemployed Is 100, the Number

question 50

Multiple Choice

If the number of people unemployed is 100, the number of people employed is 1000, and the working- age population is 1400, then the labour force is

• A)1100.
• B)1000.
• C)1400.
• D)1500.

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Definitions:

Involuntary Conversion

The forced exchange of an asset into a different form or property, often due to theft, casualty or condemnation, with potential tax implications.

Deferred Gain

A profit from the sale of property or an investment that has been realized but not recognized for tax purposes in the current period.

IRC Section 121

A provision in the Internal Revenue Code that allows homeowners to exclude up to $250,000 ($500,000 if married filing jointly) of capital gains on the sale of their primary residence, subject to certain conditions.

Receipt of Boot

Tax term referring to non-like-kind property or cash received in an exchange, which may trigger taxable gain.