In June There Are 30,000 People Classified as Unemployed and the Size

question 178

Multiple Choice

In June there are 30,000 people classified as unemployed and the size of the labor force is 600,000. The only change between June and July is that 10,000 of the unemployed give up looking for work. Which of the following is true?

• A) In June the unemployment rate was 6% and in July the unemployment rate was 3.8%.
• B) The unemployment rate in both June and July was 5%.
• C) In June the unemployment rate was 5% and in July the unemployment rate was 3.39%.
• D) In June the unemployment rate was 3.8% and in July the unemployment rate was 6%.

---

Definitions:

Prime Costs

The combined costs of direct materials and direct labor that are directly attributable to the production process.

Incurred

Refers to costs or expenses that have been realized or acquired in the execution of business activities or operations.

Costs

The expenses incurred in the production of goods or services or in the undertaking of any activity.

Manufacturing Overhead

The indirect costs associated with manufacturing, including costs for maintenance, utilities, and rent of factory facilities, not directly tied to specific units produced.