Which of the Following Economists Came Up with a Theory

question 23

Multiple Choice

Which of the following economists came up with a theory regarding the tradeoff between
Unemployment and inflation?

• A) Almarin Phillips
• B) John Maynard Keynes
• C) Joseph Schumpeter
• D) Milton Friedman

Learn the significance of actual versus estimated direct labor-hours in overhead application.

Identify and describe the components of manufacturing costs including direct materials, direct labor, and manufacturing overhead.

Calculate total costs for raw materials, labor, and manufacturing overhead.

Understand and apply the concepts of Work in Process (WIP), Finished Goods (FG), and Cost of Goods Manufactured (CGM).

---

Definitions:

Rate of Unionization

The percentage of workers who are members of a union within a particular workforce or industry.

Protective Service Workers

Individuals employed in occupations that focus on public safety, law enforcement, and security services.

Job Turnover

The rate at which employees leave a workforce and are replaced by new employees.

Nominal Wage

The amount of money received by a worker per unit of time (hour, day, etc.); money wage.