The Laws Dealing with Bankruptcy Provide That the Assets and Contracts

question 10

Multiple Choice

The laws dealing with bankruptcy provide that the assets and contracts of a bankrupt person or business be:

• A) sold to the highest bidder.
• B) assigned to the trustee in bankruptcy.
• C) held by the court pursuant to a decree.
• D) transferred to the largest creditor.

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Definitions:

Structural Unemployment

A situation in which there is a mismatch between the skills of unemployed workers and the skills needed for available jobs.

Cyclical Unemployment

This type of unemployment fluctuates with the business cycle, increasing during economic downturns and decreasing during periods of economic growth.

Frictional Unemployment

Short-term unemployment that arises from the process of matching workers with jobs and occurs even in healthy economies.

Assembly Line

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product much more efficiently than with individual craftsmanship.