Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset equity is really only $45,000. Which statement explains whether Julio is correct? Julio is correct because the $45,000 equity in the house is the real asset.
Julio is correct because he can pay $45,000 and have no more liabilities.
Julio is not correct because the same item cannot represent both an asset and a liability.
Julio is not correct because the house cannot be worth more than the mortgage.

On coral island in 2012, the labor force is 12,000, the unemployment rate is 10 percent, and the labor force participation rate is 60 percent. during 2013, 200 unemployed people found jobs and the working-age population increased by 1,000. the total number of people in the labor force did not change. the working-age population at the end of 2013 was the unemployment rate at the end of 2013 was round up to the second decimal. the labor force participation rate at the end of 2013 was round up to the second decimal.