Full Employment

question 5

Multiple Choice

Full employment:

• A)exists when,on average,nearly two out of three adults in the labor force are employed.
• B)exists when everyone who wants a job has one.
• C)exists when the unemployment rate is zero.
• D)exists when everyone in the labor force has a job.
• E)will always include some unemployment.

---

Definitions:

Privity of Contract

The relationship between parties in a contract that allows them to sue each other but prevents any third party from doing so.

Novation

The act of replacing an existing contract with a new one, wherein all parties agree to make the switch.

Factoring

A financial transaction where a business sells its accounts receivable to a third party at a discount to secure immediate capital.

Assignment

Assignment refers to the transfer of rights or property from one party to another, commonly seen in contracts and legal agreements.