The Labor Force Participation Rate Is the

question 231

Multiple Choice

The labor force participation rate is the

• A) total number of people who are participating in the labor force.
• B) ratio of the number of employed people to the number of unemployed people.
• C) ratio of the labor force to the total population 16 years old or older.
• D) the number of people in the labor force minus the number of people who are unemployed.

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Definitions:

Standard Cost

A predetermined cost of manufacturing a single unit or a number of units of a product, calculated for managerial accounting purposes.

Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the expected quantity, multiplied by the standard cost per unit.

Materials Price Variance

The deviation from the standard to the real price of materials, calculated by multiplying this difference by the amount of materials bought.

Variable Overhead

Overhead costs that vary directly with the level of production or activity, such as electricity or material handling costs.